Podcasts about vcs

An anti-MEV activist spent weeks building 66 fake contracts to trap the sandwich bot jaredfromsubway.eth. Then jared's operators did the one thing nobody expected. ======================================================== Thank you to our sponsors! Cape: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at https://cape.co/unchained (use code: UNCHAINED). ======================================================== A new R&D lab called Ethlabs has split from the Ethereum Foundation, backed by Bitmine and Joe Lubin. Its first stated goal is solving a '15 minute finality problem' that none of the hosts can quite explain the point of. Kain Warwick, Taylor Monahan, and Luca Netz ask whether a breakaway staffed largely by ex-EF people can really escape the EF's habits, or just rebuild a smaller version of them.  Then the conversation turns to fomo's $75M raise from non-crypto VCs, and why a trading app that never calls itself a wallet may have cracked the onboarding flow the rest of crypto keeps getting wrong. The hosts also trace a CryptoPunks judge ordering a self-represented plaintiff to handwrite filings to stop the AI slop, the anti-MEV activist who trapped sandwich bot jaredfromsubway.eth with 66 fake contracts, and the WSJ's claim that Polymarket paid creators to stage fake winning bets. Hosts: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Kain Warwick⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Founder of Infinex and Synthetix ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Taylor Monahan⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Security Expert ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Luca Netz⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, CEO of Pudgy Penguins Timestamps

Brandon Sedloff sits down with Mike Boggs of Revelation Partners and Justin Burden of Industry Ventures at the Venture Secondaries Summit to explore how venture secondaries have evolved from a tool for distressed sellers into an institutional liquidity engine for private markets. The conversation examines the specialist approach required to succeed in this opaque, relationship-driven market where transactions happen by appointment rather than on open exchanges. They discuss: - Why venture secondaries function as a third liquidity option beyond IPOs and M&A, particularly in healthcare where billion-dollar outcomes are considered large - How secondary buyers navigate competition from insider investors by serving as arm's-length pricing partners for founder share sales - The structural liquidity problem created by over $800 billion in unrealized healthcare value and trillions locked in tech, with secondary funds positioned to address this overhang - Why specialization in specific sectors or deal types is becoming essential as commoditization pressures generalist secondary funds - How the flight to quality means focusing capital on late-stage, proven companies rather than indexing across venture portfolios This episode offers private markets investors and operators a practical view of how venture secondaries create value in an environment where companies stay private longer and traditional exit paths remain constrained. Topics: (00:00:00) - Intro (00:00:29) - Guest introductions and firm backgrounds (00:04:47) - Evolution of venture secondaries as liquidity (00:07:20) - What happens if IPOs and M&A return (00:11:28) - Specialists versus generalists in secondaries (00:13:04) - Secondaries as asset class or strategy (00:17:07) - Overcoming discount buyer perceptions (00:19:47) - Building conviction and underwriting (00:22:58) - Navigating competition from top VCs (00:25:32) - Educating the market on secondary options (00:29:52) - Liquidity challenges for the messy middle (00:33:17) - Transfer rights and insider preferences (00:38:22) - LP secondaries market maturation concerns (00:40:15) - Outlooks on the next 5 to 10 years (00:44:04) - What could stop the growth trajectory (00:47:42) - Competition and differentiation challenges (00:50:49) - Closing Links: Mike Boggs on LinkedIn - https://www.linkedin.com/in/michael-boggs-7921343/ Justin Burden on LinkedIn - https://www.linkedin.com/in/justin-burden-46120a/ Brandon Sedloff on LinkedIn - https://www.linkedin.com/in/brandonsedloff/ Revelation Partners - https://revelation-partners.com/ Industry Ventures - https://www.industryventures.com/ Juniper Square - https://www.junipersquare.com/

What does managing $600 billion teach you about risk that most investors never learn?Jeffrey Blazek, Co-CIO of Multi-Asset at Neuberger Berman, joins Prashant on VC10X to challenge the assumptions that have quietly shaped — and quietly undermined — institutional portfolios for a generation. From the macro shift that is more permanently broken than rates or geopolitics, to the asset class generating 10 to 15 percent returns with zero correlation to equities, to whether AI is the internet bubble all over again — this is one of the most substantive allocator conversations we have had on the show.⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.comIn this episode:— Why deglobalization is the one macro assumption that will not reverse— The difference between short-term volatility risk and the purchasing power risk that actually destroys portfolios— Why bonds have failed as a diversifier and what replaces them— Catastrophe bonds: the non-consensus case for an asset class most institutions will not touch— The $1B to $10B institutional sweet spot and why scale is not always an advantage— AI investment: real conviction, real concentration risk, and the winner-take-most bear case— What the private markets miscalibration of the last decade means for LP portfolios today— The off-script manager due diligence technique that separates process from performance— Career risk as the hidden driver of institutional conservatism— Where rates are headed and why the old fixed income playbook is goneJeffrey Blazek is Co-CIO of Multi-Asset at Neuberger Berman, a $600B global asset management firm with over 700 investment professionals across 30+ offices worldwide.Links:Neuberger - https://www.nb.com/Jeffrey on LinkedIn: https://www.linkedin.com/in/jeffrey-blazek-cfa-a0a57212Connect with Prashant: https://linkedin.com/in/choubeysahabSubscribe to VC10X newsletter - ⁠https://vc10x.beehiiv.com⁠Subscribe on YouTube - ⁠https://youtube.com/@VC10X ⁠Subscribe on Apple Podcasts - ⁠https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986⁠Subscribe on Spotify - ⁠https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ⁠VC10X website - ⁠https://vc10x.comTimestamps:(00:00) - Preview(01:39) - Introduction to Jeffrey Blazek(03:16) - Which Macro Assumptions Are Permanently Broken Today?(05:03) - Key Drivers of Long-Term Returns Most Investors Underestimate(06:24) - Coaching Clients to Embrace Appropriate Equity Exposure(07:55) - What Real Diversification Looks Like in Practice(09:51) - How Portfolio Construction Changes as Institutions Scale(11:55) - Should Investors Change Their Approach to Equity Markets Now?(13:31) - Evaluating a New Asset Class for Permanent Allocation(15:16) - AI: A Genuine Secular Shift or a Narrative-Driven Boom?(17:26) - The Bear Case for AI: Commoditization and Concentration Risk(19:30) - Uncovering a Non-Consensus Asset Class: Catastrophe Bonds(21:09) - Common Mistakes LPs Make in Private Market Allocations(22:58) - The Key to Effective Investment Manager Selection(24:25) - Analyzing Past Portfolio Mistakes: Errors of Analysis vs. Behavior(26:24) - The Gap Between Institutional Goals and Portfolio Realities(27:38) - What Drives Over-Conservatism in Institutional Investing?(29:15) - How Investment Needs Differ Across Institutions (Hospitals vs. Endowments)(31:38) - Advising Family Capital: Avoiding Common Mistakes(33:43) - Career Lessons Learned from Navigating Market Crises(36:01) - The Most Misunderstood Risk of the 2020s(37:22) - Is the AI Boom a Repeat of the Dot-Com Bubble?(38:15) - The Three Most Important Bets for the Next Decade(40:00) - Outlook on the Future Interest Rate Environment(41:19) - Where to Find Jeffrey Blazek and Neuberger Berman

Einmal selbst in ein Startup investieren. Was aktuell VCs oder Angel-Investor:innen mit ausreichend Kapital vorbehalten ist, könnte bald mit Hilfe von digitalen Tokens für den breiten Markt zugänglich werden. Das Problem mit den Tokens? Viele Krypto-Projekte leiden unter dem Ruf, lediglich spekulative Spielwährungen ohne echten Gegenwert zu sein. Das Wiener Startup Crafts will genau dieses Problem lösen, indem es Unternehmensanteile digitalisiert und für eine breitere Öffentlichkeit handelbar macht. Darüber spricht Dejan Jovicevic bei der Proof-of-Talk in Paris mit Anh Bui, CMO von Crafts.Im Gespräch werfen sie einen Blick darauf, wie Crafts die Sicherheit klassischer Firmenanteile mit den Vorteilen digitaler Technologien verbindet, um Investments transparenter und liquider zu machen. Zudem thematisieren die beiden, warum das Team von Crafts Wien als neuen Krypto-Standort in Europa sieht.

El episodio 119 llegó con historia, escándalo y datos que no te podés perder.Arrancamos con el hito más grande del momento: Elon Musk se convirtió en el primer trillonario de la historia. SpaceX salió pública a 2.3 trillones de dólares y lo puso en una categoría donde nadie más existe. Lucas lo dijo mejor que nadie: él está más cerca de Larry Page que Larry Page de Elon. Un número que no tiene sentido hasta que lo escuchás.Después hablamos de por qué SpaceX no es solo una empresa espacial. Es la única compañía verticalmente integrada de principio a fin para la era AI: tiene datos, centros de cómputo, energía solar, telecomunicaciones satelitales y exploración espacial bajo el mismo techo. El bull case es simple y brutal.Luego viene el escándalo de la semana. El fundador de Cloudflare contó públicamente que Vinod Khosla, uno de los VCs más respetados del mundo, intentó convencerlo de echar a sus co-founders a cambio de quedarse con todo el equity. Y cuando lo negó, publicó el term sheet como prueba. Una historia que debería leer todo founder antes de levantar su primera ronda.También hablamos de un caso cercano que sirve de advertencia real: un co-founder que quiso salirse de una startup que no funcionaba y recibió amenazas legales de sus socios y los VCs para que perdiera su vesting. La lección es clara — antes de arrancar una compañía, hay que tener las conversaciones incómodas.En el frente de IPOs, Anthropic y OpenAI hicieron sus filings privados casi al mismo tiempo y están obligando a los banqueros a elegir bando. Lucas se queda con Anthropic. Cristóbal también, aunque reconoce que la flexibilidad moral de Sam Altman en el mundo de Trump puede ser una ventaja.Después analizamos a Bending Spoons, los italianos que compraron Evernote, Vimeo y WeTransfer entre otros, y los están exprimiendo con AI desde Milano a una fracción del costo americano. Un modelo de negocio que muchos subestiman y que ya factura más de un billón de dólares al año.Cerramos con tres temas que tocan directamente la vida cotidiana. AI destruyó el modelo de las grandes consultoras — Accenture cayó 18% en un solo día y los puestos entry-level están desapareciendo, lo que pone en jaque el ROI del MBA. Los smartphones y la caída global de la natalidad tienen una correlación que empieza a asustarnos a todos. Y los propios CEOs de las redes sociales no le dan pantallas a sus hijos, que es la señal más honesta que existe sobre lo que realmente piensan de sus productos.

Can you build a robot the same way you vibe code software? Not even close.In this episode of KP Unpacked, KP Reddy and Nick sit down with Guy German, CEO of Okibo, to unpack why programming motion control got 10x easier but building robots still requires years of field testing. Guy breaks down the three requirements for general-purpose construction robots: physical capability (reach, payload, battery life), tool flexibility (spray guns, rollers, power tools, dust collectors), and intelligence (real-time perception, work plan generation). Humanoids fail all three for construction. Chinese robots require pre-fitted BIM data that doesn't exist in reality. Okibo deploys on messy job sites with no prep, no perfect drawings, just LiDAR and situational awareness.The conversation moves from why construction has the highest suicide rate (cognitive overload plus physical toll) to why workers retire with permanent damage after 30 years (carpal syndrome, can't bend arms from overhead work). Guy shares a story: a veteran worked with Okibo robots for one week during a pilot. When it ended, he begged to keep the robot. His health improved that much. The insight? This isn't about productivity. It's about safety and empathy to the worker. Then they tackle why VCs forgot the venture part of venture capital. If you're showing a hardware prototype and the VC asks about traction, leave the meeting. They've disqualified themselves.Key questions answered:Can you vibe code a robot the same way you vibe code software?What are the three requirements for general-purpose construction robots?Why do humanoids fail all three requirements for construction work?How is the Chinese construction robotics approach different from Okibo's?Why does construction have the highest suicide rate of any industry?What happens to workers' bodies after 30 years of overhead drywall work?Why did a veteran beg to keep the Okibo robot after a one-week pilot?What's Okibo's data advantage from deploying across 3M square feet?Why is skilled labor shortage real (and getting worse)?What should you do if a VC asks for traction on a hardware prototype?Why is the capital stack the biggest impediment to construction robotics?Is physical AI the biggest technology wave of our lifetime?If you're building hardware and getting asked about traction, wondering whether robots can work without perfect BIM models, or trying to understand why safety and worker empathy matter more than productivity metrics, this episode will show you why the physical world is messier than code, and why that's exactly where the opportunity lives.Listen now.

How Angels Are Different From VCs Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing. Both angels and venture capitalists invest in early-stage companies. Here are the key differences between the two: Angels invest their own money while VCs invest other people's money. This makes the angel investor more risk-averse, while the VC often takes bigger risks. Most angels hold down a day job while most VCs are full-time in that role. Angels don't get paid to invest while VCs charge a management fee on the funds they deploy. Angels typically invest small amounts on their own unless they gather into groups and make a joint investment. VCs employ larger sums of money because they collected funds from many Limited Partners during their own fundraise. Most VCs lead the round if there isn't one, while most angel investors join party rounds rather than lead the deal, as it takes a great amount of time. Angel groups can bring some of the angel investors closer to some of the benefits of the venture capitalist. In pitching angels and VCs, keep these points in mind. Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding. Let's go startup something today. _________________________________________________________ For more episodes from Investor Connect, please visit the site at: http://investorconnect.org Check out our other podcasts here: https://investorconnect.org/ For Investors check out: https://tencapital.group/investor-landing/ For Startups check out: https://tencapital.group/company-landing/ For eGuides check out: https://tencapital.group/education/ For upcoming Events, check out https://tencapital.group/events/ For Feedback please contact info@tencapital.group Please follow, share, and leave a review. Music courtesy of Bensound.

This week, we discuss the Fable ban, SpaceX's $60B Cursor buy, and why Lovable wins when AI picks your stack. Plus, Europeans are at the World Cup and already drank Boston dry. Watch the YouTube Live Recording of Episode 577 Runner-up Titles Waited out the storm Maybe we should build some castles or something Years of lawsuits ahead of us The ultimate dream AI SEO I hope you're paid by the hour Always be monitoring to me Rundown Anthropic How Amazon and the White House ended Anthropic's Fable Statement on the US government directive to suspend access to Fable 5 and Mythos 5 Dario Amodei — Policy on the AI Exponential Cursor Live Updates: Elon Musk Becomes World's First Trillionaire as SpaceX Starts Trading SpaceX to acquire Cursor for $60B in stock, days after blockbuster IPO Vibe Coding Lovable says it has hit $500M in annualized revenue, with 1 million new projects a week Vibe-coding phenomenon lifts AI startup Supabase to $10.5 billion valuation Database startup Supabase raises $500 million $10.5 billion valuation curl summer of bliss Relevant to your Interests Grep this: Microsoft grafts (most) Linux commands onto Windows apple/container The Virtual OS Museum YouTube has eclipsed Netflix in viewership via (@lucas_shaw) OpenAI to acquire Ona Keycap Quarry – Artisan Keycaps for Mechanical Keyboards Mark Zuckerberg Orders His Employees to Start Having Fun Again Why is Meta destroying its engineering organization? VCs behaving badly Databricks Agrees to Acquire Panther Sponsors Sentry - Quit Buggin': use code sdt26 for $100 in credit for new customers Nonsense The AI coding agent that runs on stolen Chipotle compute Minesweeper 3D No Guess – Free 3D Browser Game | Logic Solver Fly around the world (Experimental) | Google Earth | Google for Developers Commodore's newest gadget is a flip phone that blocks social media and browsers Conferences WeAreDevelopers Europe, July 8-10, 2026 Berlin, Coté speaking. DevOpsDays Graz, Sept 4-5, 2026 Cloud Foundry Summit, Sept. 21st to 22nd, Germany. DevOpsDays Rockies, Sept. 22 – 23, 2026, Discount Code: 26DODSWEDEFTALK WeAreDevelopers NA, Sept 23-25, 2026, Discount Code: DEVPOD26 25 Free Tickets DevOpsDays Dallas, Sept 28-29, 2026 DevOpsDays Vilnius, Sep 30 - Oct 1, 2006 DevOpsDays Istanbul, Oct 24th, 2026, Coté keynoting. VMware User Group, Orlando, Oct 20-22, 2026 SDT News & Community Join our Slack community Email the show: questions@softwaredefinedtalk.com Free stickers: Email your address to stickers@softwaredefinedtalk.com Follow us on social media: Twitter, Threads, Mastodon, LinkedIn, BlueSky Watch us on: Twitch, YouTube, Instagram, TikTok Book offer: Use code SDT for $20 off "Digital WTF" by Coté Sponsor the show Sponsor more podcasts with Failover Media Recommendations Brandon: Digital ID Matt: Murderbot Diaries: Platform Decay Coté: WordPress.com. Tetilla cheese from the Camino de Santiago.

Last 4 days before regular tickets sell out at AI Engineer World's Fair - this is the single biggest gathering of AI Engineers, Founders, Leaders, and Researchers in the world. Attendees get >$5000 worth of sponsor credits and talk tracks are looking FANTASTIC. Join us!The AI scaling debate always focuses on the question of “how do we get more GPUs?” but the better question may be: how do we make the most of ones we already have.The fact that a frontier lab like xAI could be running at sub-10% MFU (Model FLOPs Utilization) is just a hint at what the real problem may be.For context, older frontier-scale training runs were already much higher than 10%. GPT-3 was around 21% MFU. Gopher was around 32%. Megatron-Turing NLG was around 30%. PaLM reached around 46%. And our guest Anjney says best-in-class MFU today is closer to 60–70%.It's not necessarily that xAI is uniquely incompetent (it's clear they have talented folks) but rather the priorities may be flipped in the GPU arms race.While GPU access is a bottleneck, simply increasing CapEx won't automatically translate to better models as frontier AI is increasingly a systems problem: scheduling, utilization, networking, kernels, frameworks, data pipelines, parallelism, cluster reliability, and the thousand small decisions that determine whether your theoretical FLOPs become real training progress.From building Discord's developer platform and backing frontier AI companies like Anthropic, Mistral, Black Forest Labs, and Periodic Labs to now building AMP's independent compute grid, Anjney Midha has spent years close to the real bottlenecks of AI scaling. In this episode, Anjney joins swyx at Periodic Labs to unpack why the AI race is not just about buying more GPUs, why 95% utilization would have been considered an outage at Google, and why the next era of AI infrastructure has to be more aligned, more efficient, and more responsible.We go deep on AMP's vision for a compute grid that makes FLOPs flow like megawatts, the difference between full-stack AI labs and horizontal pooling, why AI data centers need community buy-in, and how compute markets could evolve into something closer to an independent system operator. Anjney also explains why DeepMind's unpublished research points to a market failure, why end-of-life prediction remains one of the most important AI applications he has thought about for fourteen years, and why “output maxing” may become a new discipline for frontier systems.We also discuss Anthropic's culture, why “luck favors the prepared mind” in coding models, how Claude cracked coding, why too much capital too early can make AI labs fragile, what Periodic Labs is trying to do with science and superconductors, why great researchers can become great CEOs, and why Silicon Valley is both deeply missionary and deeply mercenary.We discuss:* Why 95% utilization was considered an outage at Google* Why AI infrastructure waste compounds at frontier-lab scale* Why “move fast and break things” does not work for AI data centers* How data center backlash, power grids, and community incentives shape AI scaling* AMP's vision for making FLOPs flow like megawatts* Why compute needs an independent system operator* How interruptible demand and dynamic prioritization worked inside Google* Why DeepMind research hoarding creates negative externalities* AMP's 1.2GW base-load ambition and the need for 6GW of spike capacity* Why end-of-life prediction could become one of AI's most important healthcare applications* Frontier Systems, output maxing, and full-stack alignment* Why APIs and abstraction layers become lossy as organizations scale* Superconductors, standards, and the dream of lossless systems* SF Compute, open protocols, and the future of compute marketplaces* Why non-NVIDIA chips can still benefit from NVIDIA's reference architecture* Trust boundaries and why chip startups need visibility into future model architectures* Why VCs often underestimate researchers as CEOs* Scientists as star athletes of the mind* Why great CEOs need to be confrontational up and down the stack* Why leading the frontier matters more than “winning”* How Anthropic cracked coding* Why culture is fragile, not a permanent moat* Why hardship was a feature, not a bug, for Anthropic* Why Anthropic's P0 was coding from day one* Periodic Labs, physics as the constraint, and technical reality* Silicon Valley mercenaries, missionary teams, and what happens after a breakthroughAnjney Midha* LinkedIn: https://www.linkedin.com/in/anjney* X: https://x.com/AnjneyMidhaAMP PBC* Website: https://amppublic.com/* X: https://x.com/amppublicTimestamps00:00:00 Introduction00:00:09 Why AI Compute Is Being Wasted00:03:17 Responsible Infrastructure and Data Center Backlash00:06:07 AMP Grid: Making FLOPs Flow Like Megawatts00:12:41 Foundry, Frontier Labs, and Research Hoarding00:14:42 Gigawatt-Scale Compute and End-of-Life Prediction00:24:08 Frontier Systems, Output Maxing, and Alignment00:27:38 Compute Markets, SF Compute, and Non-NVIDIA Chips00:32:57 Trust Boundaries, Co-Design, and Researcher CEOs00:38:17 AI Coachella and First-Principles Thinking00:42:43 Leading vs Winning in Frontier AI00:45:54 How Anthropic Cracked Coding00:48:25 Culture, Hardship, and Anthropic's P000:54:03 Periodic Labs, Physics, and Silicon Valley Mercenaries00:56:26 Rishi Valley, Singapore, and Money as a Measure00:58:47 Closing ThoughtsTranscriptIntroduction: Anjney Midha, AMP, and Compute WasteSwyx [00:00:00]: We're in Periodic Labs with Anjney Midha, CEO, founder of AMP. Welcome.Compute Utilization: Node Allocation, MFU, and AlignmentAnjney [00:00:09]: Thanks for having me. At Google, there are two types of utilization usually, right? That you're measuring in these clusters. One is node allocation, and then the other's MFU. Node utilization is usually like what percentage of cards in the data center are just, used, and that, if it's not at, 95%-Swyx [00:00:29]: There is no excuseAnjney [00:00:29]: There's no excuse, right? I think 95% at Google, which is where my co-founder, Seb, came from, he built the Borg, PBorg/GQM scheduler at Google, and there I think 95% was considered an outage, so 96% node utilization is, should be standard. And most single-tenant clusters are not running at that. So that's one. And then MFU should be, I would say the best in class today is somewhere between 60 and 70%. I think this is a leadership question, right? Fundamentally it's an alignment question, which is are the people who are funding the cluster and then deploying the cluster actually aligned? And sometimes theoretically they are, but in practice the number of people in the chain, the supply chain between, the capital and all the way to whoever's managing the cluster and then whoever's measuring what the output is, are just so many, degrees of separation away that, the, The Have you ever heard the radian metaphor, which is at the beginning of an arc, if you have two arcs that are two lines that are just off by a few degrees, that-Swyx [00:01:33]: It spreads outAnjney [00:01:34]: It spreads out, right? Or at scale. And I think what's happening is a lot of cluster implementations and infrastructure, a lot of frontier labs and other teams, that's what's happening, is they're, they initialize the plan, which is kind of like North Star with a team that wants to do good, but then they're, required to scale so fast instead of iteratively that the wastage just compounds really fast at scale. And so I think we know the answer, which is just do iterative bring ups. If you spend time with people who've been in the semiconductor industry or the DSN industry for a long time, this is not new, and I don't think AI should be an excuse. Sure. Something What is new? Okay. We have a lot of new capabilities, but that doesn't mean just abandon common sense. Common sense should always be in fashion. ? AI scaling doesn't change the in fact, if anything, AI scaling should be putting a premium on the value of common sense and infrastructure because the margin of error now is so much lower and the costs of wastage are so much higher. And the cost of wastage, by the way, is not just economic. I'm, obviously I'm, I'm an investor, or I'm an investor by background. Over the last few years now we're running an AI infrastructure business called, AMP. And I think that it's okay to say this time is different on the capabilities front. We are genuinely getting capabilities at, of the, of a kind we haven't had before. That doesn't give you an excuse to say this time is different for everything, especially infrastructure. So look, I love the hacker mindset and the hustler mindset. Now, that's great for the startup mindset, but you remember this moment where Zuck went from saying, “Move fast, break things” to, move-Responsible Infrastructure and Data Center BacklashSwyx [00:03:10]: Fast and stable infrastructureAnjney [00:03:11]: Move fast with stable infrastructure. I think now we need to move fast with, responsible infrastructure. People are going to ask where the impact is. There was a really In our class yesterday, Scott Nolan, who's the founder of General Matter, came by at Stanford to speak about energy bottlenecks. And he had a phenomenal idea. He said, “if you look at the marginal unit economics of compute per hour,” he goes, “let's call it, $4 an hour. If you're having to bring up a new data center in a new community, why not just say we're going to charge 4.50 an hour, and that marginal impact or that marginal increase, we just literally take that and give it to the local community as cash?” I can tell you as a customer of that compute, I would love that. I'd be happy to pay an additional 50 cents per hour at scale.Swyx [00:03:57]: Wow. Yeah.Anjney [00:03:58]: Because if that means the public benefit is so clear to the communities that the data centers are coming up in, I'm going to feel like that compute is much more reliable. Up to 20% of all data centers this year in the US, my understanding is are at risk.Swyx [00:04:13]: Of community backlash?Anjney [00:04:14]: Correct. Of not getting the community support they need to get brought up.Swyx [00:04:19]: Wow. That's a huge number.Anjney [00:04:20]: Yeah. Now, we, I think we should dig into what that number is. I think it's a little bit of overstated. These things can get over-reported, but it-Swyx [00:04:27]: They don't just care about jobs. They care about all the other stuff around it, right? They care about power grid, they care about environments-Anjney [00:04:33]: Power grid, permitting, and so on. And imagine I think if you said there's a new AI deal. If we're bringing up a data center in your community, we're actually going to reduce the cost of your electricity bill. Okay, now we're talking. Right? The community's going, “Okay. Now this is a deal. I feel like a partner in this.” Right now that's not happening. There will be audits, there will be investigations, and when the, when the regulators come, I don't know when it's going to be, the folks who are moving fast and breaking things in the name of AI progress better be prepared. That's certainly not how we're procuring compute. Or we're, we're trying as much as we can to work with partners who have long-term track records. Many of whom, by the way, are not, AI providers. I think this whole idea of neoclouds being somehow this new category is a lot of marketing speak. There are really good, reliable, trusted data center providers in America who've been around 20 plus years. I love those folks. They know how to Sure. Are they sponsoring happy hours at NeurIPS? No. Are they legibly listed in Build? No. Are they hanging out in my, in, situational awareness parties? No. But they're adults. I trust them.Swyx [00:05:44]: They can run LAN. They can run power.Anjney [00:05:45]: They can run LAN, power, and shell. They have credit histories. We sit down, we have a conversations. Many of them live in Silicon Valley. They've, they've had to deal with the boom and bust cycles of the internet, and I love those folks. They are stable infrastructure partners and thinkers. And I think there's a lot of short-term thinking going on in the compute layer, and it's going to catch up to us. It's not going to be good.AMP Grid: Making FLOPs Flow Like MegawattsSwyx [00:06:07]: You talk about aligning incentives, and, I would think that aligning incentives means you have the full stack in one company, which is xAI and OpenAI, right? So you as a standalone infrastructure layer, why are you somehow more aligned to your portfolio companies than people who just own the whole thing?Anjney [00:06:28]: In systems design, right, there's, there's two regimes of, architecture, right? You have integration, and then you have pooling and utilization, right? So the Or rather, the way to increase utilization often is you can do systems integration where you collapse a lot of process into one node, or you can pull out a process from a node and share that amongst various That resource amongst several different nodes. And so we see the AMP grid, which is, the, what, the system we're building here, which is basically a compute grid. We're trying to do for compute what the electric grid-Swyx [00:07:02]: PowerAnjney [00:07:02]: Yeah, what the power grid did for electricity. It-- this is a pooling and utilization layer across clouds, And so we're actually the opposite of a full stack integration like approach.Swyx [00:07:12]: Super horizontal.Anjney [00:07:13]: Where it's much more horizontal and it's, it's multi-cloud, it's multi-silicon. The goal is to try to make FLOPs flow like megawatts, and that is very hard to do today for many reasons. There's stranded pools of compute all over the place and there's no fungibility. And so right now we do it at the level of scheduling, and we often do it at the economic layer. But as we start to announce what we're working on, it's extraordinary like how many folks are coming out of the woodworks and saying, “Hey, I'm actually working on a way to make compute fungible at this part of the stack and that part of the stack.” And as a grid, we'd like all of these folks to participate on the grid. There's, people often ask me, “Andra, are you a new cloud?” And I go, “No, actually neoclouds are suppliers.” sometimes they'll ask, “Are you a venture capital firm?” I go, “No, actually they are, they are demand like sort of off-takers of the grid.” We see ourselves as what's called an independent system operator. So if you study the history of the electric grid, once it became legible to a lot of factories and industrial sort of participants that, hey, actually it turns out pooling is a good idea. We should pool our generators instead of all having a generator running at half capacity in our backyard. There was a need for an independent entity who could coordinate all these parties. Transmission line, power generation, facilities, transmission lines, factories, and that neutral coordination mechanism is very critical. In order-- If you study like the history of grids, the most enduring ones were those that never owned their own assets. They were ones that had, or often started with long-term anchors who are uncorrelated sources of demand, a steel factory, a shoe mill or whatever in a particular town who weren't competitive, where the steel factory want to spike up at night, the shoe mill wanted to spike up during the day. So then you pool and you share, right? So each of you is guaranteed some base load, but then you kind of schedule your spikes to drive a peak utilization across the town. The gold standard, so to speak, historically, has been these utility companies like PJM Interconnect in the northeast of America, where they, over many years became this what's called an ISO, an independent system operator of the grid. So that's how we see ourselves. Economically, that's what we are. From a technical perspective, we started at the scheduling layer because Seb and Mihai, who, run engineering here, built that at-Swyx [00:09:28]: Did your schedulingAnjney [00:09:28]: They did that at Google. And, -Swyx [00:09:32]: And you have infra shops from Discord as well.Anjney [00:09:35]: I have some.Swyx [00:09:35]: I don't know, I don't know if Discord is like the primary identity, but what-whatever, I'm just kind of-Anjney [00:09:39]: No, D-Discord was-Swyx [00:09:40]: Choosing a well-known name.Anjney [00:09:42]: Well, I So I was running the developer platform there. The internal infrastructure I was not responsible for. That was actually a guy by the name of Mark Smith, who was extraordinary. And yes, Discord did pool So Discord is actually a counter example. I had the chance to learn a lot about fully, full stack infra there because-Swyx [00:09:56]: It's the same thing, yeahAnjney [00:09:57]: It's the, it's the other architecture which is, Discord built its own WebRTC vo-voice and video infra. So like Discord did not use-Swyx [00:10:08]: For the calls, yeah.Anjney [00:10:09]: Yeah, did not For communication, Discord did not use third party infra. It was all built in-house. And then the way you maximize utilization was you pool demand from the world's 200 million plus monthly active gamers, right? And so that's, that's how those stacks were constructed. Again, in systems design, the two concepts that keep coming up over and over again are abstraction and composition, right? And-Swyx [00:10:31]: Bundling and unbundlingAnjney [00:10:33]: Bundling and unbundling, abstraction, composition, like verticalization and-Swyx [00:10:36]: HorizontalAnjney [00:10:36]: Horizontalization. So in that sense, AMP is an independent system operator of the grid. We pool demand, we pool supply from a number of partners we trust At about 1.3 gigawatt scale over four years. And then we pool demand from some of the world's best, research labs and so on. We're sitting at one, periodic labs who need extraordinary long-term demand. And the idea is that, each of them is guaranteed base load on the grid, but they can spike up and down flexibly on, for compute, with much shorter timelines as needed. That was roughly the design of the program I came up with at a16z called Oxygen. The same-- That was the same design of the GQM, BorgX, Borg GQM implementation at Google that Mihai and Seb had built. Which was that how do you allow, teams inside of Google, on the internal infrastructure to be guaranteed capacity, for their base workloads? But when they need to spike up on research, how could they ensure that was sufficiently there? And of course, the big innovation that was not discovered, but kind of implemented in the space, this infra space maybe three, four years ago at Google was the idea of interruptible demand, right? Where you just queue up a bunch of jobs and through this like sort of credit system, there can be a bidding mechanism.Swyx [00:11:53]: Like priorities.Anjney [00:11:54]: It's a dynamic prioritization Basically. And jobs can get interrupted based on somebody else who's saying, “what? I have 10 tokens, 10 credits I want to spend on this job.” Another like team lead, research lead is “Genie 3 or whatever is only worth five, credits, and NanoBanana2 is worth 10 credits,” and so the NanoBanana job gets priority. That's a, that's a made up example.Swyx [00:12:15]: It's very real. Brain Marketplace was real. And, we've, we've covered this on the pod with David Luan, who was-Anjney [00:12:20]: Oh, great. OkaySwyx [00:12:20]: Was there. And the criticism is that, well, actually sometimes you need central command to go all in on a thing. And actually sometimes capitalism via credits doesn't work. Not, this is not a criticism of AMP. I'm just saying, this is a thing that has been tried, internally within Google, and it led to Google missing GPT.Foundry, Frontier Labs, and Research HoardingAnjney [00:12:41]: Like, we structured ourself essentially very similarly to Google. We are structured as a holdings company. So, Alphabet holdings is Alphabet holdings, and then they've got these subsidiaries called Google and-Swyx [00:12:51]: Other betsAnjney [00:12:52]: Other bets and so on. We've got, AMP holdings, and we've got our infrastructure business, and then we've got a capital business called Foundry that incubates new frontier AI labs or invests in them as venture capital, like Periodic. We put a few hundred million dollars into Anthropic from our fund earlier this year. So wherever we feel like teams are making progress, especially researchers and so on who've pushed the frontier inside of existing labs like DeepMind, I find, there comes a point where they feel misaligned with the dictatorship of Alphabet holdings. And at that point, sometimes the dictatorship doesn't want them anymore. And they're “Thank you. You've done your job here. You've kind of helped us through the zero to one phase, and for whatever reason, we're going to deprioritize your amazing, omni model or whatever it is, and instead we're going to prioritize coding.” And, I think that's a tragedy, but I get it. They're Sergey and team are running their own business there. But that doesn't mean we the rest of us should sit around waiting for that progress to get unlocked for the rest of the world and humanity. If you think about how much extraordinary research has happened inside of DeepMind over the last 10 years, I, Demis and Sergey and those guys did such a great job. But at the end of the day, so much of that has never seen the light of day?Swyx [00:14:00]: Or they're like papers only, but they never actually shipped it to production or-Anjney [00:14:03]: What's worse is the paper is actually not even being published anymore ‘cause there's a six-month embargo inside of DeepMind, right? We've heard about this where a paper comes out, and then I think there's a six-month embargo window where if anybody on the business team says, “This could be interesting” It's embargoed for life.Swyx [00:14:18]: Exactly. So the stuff that gets published is the stuff that's not good enough.Anjney [00:14:21]: There's an adverse selection problem, basically. Yeah. At this point-Swyx [00:14:25]: It's, it's a common complaint at NeurIPS, by the way, that's “Well, why would I look at the papers that are the trash of GDM?”Anjney [00:14:31]: Again, I think it's a tragedy. I get it. They're running their business, but the rest of the I think there's negative externalities of research being hoarded, and so that'there's a market failure. And somebody needs to unlock that research, and we can't do it on our own. We only have 1.2 gigawatts of compute. That's nothing. That's about $40 billion of cloud spend. We're going to need a lot-Gigawatt-Scale Compute and End-of-Life PredictionSwyx [00:14:51]: By the way, is that's a new number. I haven't, haven't come across that gigawatt number. That's huge.Anjney [00:14:56]: Yeah. And to be clear, we haven't secured all of it. That's how much demand we have started to secure. I think publicly we haven't actually confirmed how much we have for this year. In order-Swyx [00:15:04]: Where do you want to get to?Anjney [00:15:06]: I think the steady state would be that we have a base load pool Of 1.2 gigawatts at all times Of base load capacity. For spike capacity, right now my estimate is we need roughly six gigawatts over the next four years for all our teams to feel like they were able to keep moving the frontier, whatever they're working on, whether it's, like superconductor discovery over here. There's a new investment we're working on right now, which is in the end of life prediction space in healthcare. It's extraordinary how much you can, you can give this was actually my graduate school work. I went to grad school for bioinformatics at Stanford Med. And I know we-Swyx [00:15:40]: Econ, MCS, bio.Anjney [00:15:41]: So my-- I was this really weird cat where, I was never satisfied with my major options. So at one point I was an econ major, then I was a CS major, then I was a MCS major called mathematical computational science, and they decided they were going to end that major. So I took all that coursework, and I applied it to grad school, my graduate degree in bioinformatics, which was the master's program, and then I thought I was going to do a PhD. I never ended up doing it. I dropped out and went to work at Kleiner. But I was lucky enough to apprentice with this professor at, Stanford Med. His name is Nigam Shah, and he was working on end of life prediction. Stanford is one of the only research facilities in America that has a longitudinal patient data set that's larger at scale. I think it's at least 12 million patient lives. The only larger data set is at the VA, the Veterans Affairs, of America. And to do research, like do any deep learning and so on that data set, it was called the STRIDE data set at that time, you had to be a Stanford Med School affiliate, which is why I went and enrolled in the bioinformatics department. End of deep learning was early. Nigam Shah had the visibility-- the vision to see that, you could do end of life prediction to help palliative care. In America, the, over 30% of all Medicare, Medicaid spend, at least at that time, was spent on end of life care. And what's we grew up in Asia, so we all-- Yeah, at least I won't speak for you, but I have A very different relationship with death than I find folks who grew up in America do. In America, spiritually and culturally, especially in Western societies where Christianity, the Christian tradition sort of frames death as this terminal point, there's often a judgment day and so on. The way we view death is with a finality. In Indian culture, in Hindu culture, death is one-Swyx [00:17:35]: Also, he's Buddhist as well.Anjney [00:17:36]: You're Buddhist, yeah. So it's one, it's one step in a journey of many lives, right? And so, I grew up in this city called Chennai in the south of India, and when people die, you dance on the street. There's like a procession where your body is carried to be cremated and your family, like celebrates and there's drums and so on. It's this huge thing. And, It's because the idea is that you're going to be reincarnated. You've been liberated from the responsibilities of this life, and now you're onto your next. It's a new It's like going off to a new college or whatever, right? And so it was so alien to me when I got here as an undergrad- That the medical system works backwards from that assumption that we have to view death as this terminal thing and delay it, postpone it's a bad thing. And so at the time, clinical decision support in the United States was this very primitive field. Even to this day, physicians in the United States often will tell you when you have a terminal disease, this is your, we've diagnosed you, which is great. Our ability to diagnose you is extraordinary. You have somewhere between six months to six years to live. What do you do with that information? The error bars are so high that then you In times of uncertainty, we default to culture, and when the culture is let's-- this is a bad thing, I've got to prolong my life, then you start doing things like And just to, just sort of from a systems perspective, what's going on there is Physicians often feel like they need to provide such high error bars because there's always some uncertainty in end of life diagnosis, and if you provide the wrong Diagnosis or recommendation to your patient, you can be sued for medical malpractice. And then your license can be taken away. It can be catastrophic for your career. In contrast, if in countries where that's not the case, what you often observe is that patients, physicians are quite prescriptive with their recommendation. They say, “Hey, this is your condition. The literature says that you probably have this much time on Earth left. My expert opinion is that you are an outlier or whatever.” And they try to be more prescriptive, and that empowers a patient, right? ‘Cause then a patient can say, “I trust my doctor. They said on average, I have six months to live, but if I do these things, I may have a shot because of my particular predispositions or my genetic history or whatever.” And that empowers you to go about your life in a actually more scientific way than leaning on religion, culture, spirituality, and so on. In contrast, here, because of that medical malpractice sort of thing looming over your head, a physician never gives you a clear recommendation. So instead you say, “Okay, Doc, well, let's try it all.” And then you start a whole regime of drugs and therapies, and then you often spend weeks and weeks in the hospital, and that deteriorates your quality of life. And when that deteriorates your quality of life, you instead of spending your last few days doing the things you love with your family, you're spending it on a hospital bed. And that ends up being thirty percent of Medicare and Medicaid. So it's worse for the patients. The doctors feel terrible. The American taxpayer is paying a huge amount of money. And so this is why Nigam Shah, who was this professor at Stanford, said, “Anjney, if there's “ I kind of sat down with him. I was this young, I'd, I was twenty-one, and I was “I want to work on a big problem.” He's “The big problem is end of life care.” And so we tried to do deep learning to say, to-- So we started trying to run deep learning on these tried patient data sets to say, “Could you have an AI system make a recommendation that is orders of magnitude more precise about how much time you have left once you've been diagnosed with a terminal condition than a human?” And then if we can get that precision to be high enough, then you can empower the patient. And it turns out the tech works. Like it's-- Once you get the data set, like RL works. Honestly, even regression models work. You don't need to get that fancy. At the time, we were just trying, doing like very simple neural nets.Swyx [00:21:54]: Simple solutions, yeah.Anjney [00:21:54]: Today, what we can do with RL is extraordinary. The problem remains then and now is regulatory, because you actually can't shift the burden of the wrong clinical diagnoses from the physician to the AI system. And so at that time, I got quite disillusioned ten years ago for, twelve years ago where, ‘cause I felt I just didn't have the resources to influence regulation. Today, I'm very lucky. I'm in a different place. I've, I'm a lot older, and so I've been spending a lot of time on my next incubation, which is how can we unlock the, patient empowerment by training AI models to do end of life prediction much, with much more precision and ac-Swyx [00:22:37]: Oh, wow. You're still focused on this the whole time.Anjney [00:22:40]: The-- I haven't been able to get, this out of my mind a single day for the last fourteen years. This is the hill I want, I would like to die on. There's two, I would say. What? I actually, I'd prefer not to die.Swyx [00:22:51]: Yeah, exactly.Anjney [00:22:52]: But I think two bipartisan issues, I think two issues that should be bipartisan in America are how do we empower patients to make the right clinical decisions at the end of their life, such that we're reducing the taxpayer burden with science? It's just good old science, and AI can help here. And the second is, net positive data centers, ‘cause I think that's the biggest critical bottleneck on training and good enough AI models to help people at the end of their life. So there's sort of two sides of the, of the same scaling bottleneck curve, but those two, we formed AMP as a public benefit corporation. My wife and I, who you've met, you've met Viv. Her passion is education. Her family is a long line of educators and so on, and, of physicists. And so this class is my attempt to stop being the black sheep of the family and be a, an educator. But if I'm not educating, the thing I would be doing is working, on these two problems, whether on the political spectrum or as a researcher back at, in some lab. And my hope is if anyone's listening to this podcast, if they're passionate about either of those two topics, I'd love to hear from them. We'll, we'll we can share the contact in the show notes, but, we're looking for people to join both of those missions on the, on the political side as well as on the medical side, on the research side.Frontier Systems, Output Maxing, and AlignmentSwyx [00:24:08]: You said, this is a discipline that you want to form. You call it's called variously called Frontier System. It's variously called One Person Frontier Lab. What is the ideal name or shape of this? Like the, what is the mission?Anjney [00:24:24]: Of the class?Swyx [00:24:26]: Of the discipline that you're, exploring, right? I The class is called Frontier Systems. But like for me, maybe one phrase is you're, you're just anti-waste, right? Which is wasting GPUs, wasting in human and Medicare. But is there, is there a broader theme that I'm, that maybe you can encapsulate more succinctly?Anjney [00:24:45]: Yeah. The, from an engineering perspective, it's very simple. It's output maxing. It's the, it's the department of output maxing.Swyx [00:24:51]: Making the most of what we have.Anjney [00:24:52]: Exactly. I'm a huge believer in optimal outcomes. I think both in America and other countries, we are losing our appreciation for nuance, and this is the thing of And AI is the same case, right? Oh, the bitter lesson holds. Okay, fine. But that doesn't mean you just like throw 500 GB300, 500,000 GB300s at your suboptimal model scaling and you waste a bunch of compute. It also doesn't mean that, the most optimal is to have like 50 different architectures where there isn't enough standardization. One of the reasons Anthropic has had extraordinary sort of velocity is ‘cause they picked the transform architecture and said, “This is simple. Let's double down on it,” right? And now luckily there's enough investment going to the space that we can afford other architectures, but at the time, investment was just too fragmented into other architectures, so that arguably unlocked scaling. So I think there's a philosophy. I think we all owe it to ourselves to do output maxing with a new capability called AI on a global level. I think if I was starting a new department at Stanford, depending on how fuzzy or technical I wanted to be, I'd probably call it the Department of Alignment. Like-Swyx [00:25:59]: It's an overloaded termAnjney [00:26:01]: But it is, But alignment really Is a hard problem. And I think when you unlock it, full stack alignment is super hard in any organization and in any system. Like in a, in a venture capital firm, if you can have full stack alignment between your limited partners and your, the founders who are creating the value and ultimately the public that owns the IPO stock, that is a gift that keeps giving. And when you study the history of these systems, when they start off, they usually start out small scale where the feedback loop is actually so tight that there's alignment. And then the more you try to scale, the more division of labor happens, the more specialization happens, and at each step you add abstractions. And wherever there's an API interface, there's like loss. There's communication loss. And so I think a really cool thing would be for us to figure out is there a way for us to have our cake and eat it too as an engineering discipline? Is there a way to actually scale up and scale out Without losing any alignment, without lossy transmission?Swyx [00:27:01]: You mean standards?Anjney [00:27:02]: So standards is one way. The other way is you just have net new capabilities. So like what we're trying to do here is discover new superconductors. A room temperature superconductor would be a lossless transmission mechanism for energy. We would have flying cars. We are right within a few years of having a new room temperature superconductor. So I think those are the two. You either have to standardize On protocols or API specs that allow lossless communication, or you can come up with a whole new capability that unlocks so much abundance, the standardization doesn't matter ‘cause you just unlock net new capacity. This, the, so this is what I spend my days thinking about these days.Compute Markets, SF Compute, and Non-NVIDIA ChipsSwyx [00:27:38]: No, I think every infra person at, who wants scale and wants to output max does eventually end up thinking about this. We don't have time to go into it, but we have done an episode with SF Compute-Anjney [00:27:50]: Oh, coolSwyx [00:27:50]: That is trying to standardize The futures contract for compute. I don't, I don't know how that's going by the way, but like at some point this will be public.Anjney [00:27:57]: Oh, I think Evan is awesome and SF Compute is the kind of effort that I hope we can accelerate because what often happens is these exchanges are very hard to get, they, it's hard to bootstrap them, right? Because they often require-- There's many inefficiencies between parties. There's trust boundary inefficiencies in infrastructure because you don't trust, one part of the stack doesn't trust another part of the stack to give them visibility. There's capital markets inefficiencies, there's operational efficiencies. So if you can inject like a single shock to the system of a ton of compute demand or supply, then you can accelerate, these new flywheels. And so my hope is one day, or soon, if SF Compute needs extra like has excess capacity, they just hook it up to the grid and they get flooded with demand from us. And on the other side, if they have a ton of demand but they don't have supply, they just again hook up to the grid and it's a two-way protocol where they can just hook up to our capacity. And I don't think we're too far from that. Today our working implementation of it is mostly through a group of labs, universities, and a few sort of trusted parties who are, who all feel like they're in alignment to borrow an over sort of used word. But our hope is to just have it be an open protocol that anyone can hook up to on-Swyx [00:29:20]: Hook up for demand or hook up for supply? In primarily demand, it sounds like. Like you-Anjney [00:29:25]: No, bothSwyx [00:29:26]: You would want to offer demand.Anjney [00:29:27]: Both. Yeah. Unfortunately, what's happened in the last six weeks is, we thought we'd have a bunch of excess capacity by the end of this year. It's all gone.Swyx [00:29:37]: It's exploding.Anjney [00:29:38]: It, yeah. It's all gone. And so I have, my text messages are full of friends, we know many of these people, these are founders who've raised billions of dollars in San Francisco going, “Oh, any chance you have like 50 nodes in the next few weeks?”Swyx [00:29:51]: What is the scope for, non-Nvidia, right? You have Lisa Su coming and, Rainer Pope as well. And so There is a lot of demand for, more performance Alternative architectures and all that. At the same time, this hurts your standardization.Anjney [00:30:11]: I don't think so. So actually Rainer's a great example, right? Rainer is a CEO and founder of, MatX. I actually had him by for office hours in the class earlier today, and there was an insight he brought up that I hadn't considered before, which is when they decided to pick the standard For their data center, they picked the NVIDIA reference architecture. So the MatX chips Just plug in to any site that has an NVIDIA bring up planned. And, the-Swyx [00:30:42]: It's just software then. It's, it's not the-Anjney [00:30:44]: A-Swyx [00:30:44]: Hardware.Anjney [00:30:46]: Well, from an input and IO perspective It's the same footprint as an NVIDIA rack.Swyx [00:30:52]: That makes sense.Anjney [00:30:53]: Where they have done, innovated a bunch from what I can tell is on systems co-design. Which is where a lot of the gains are to be had. And so he picked He was “Anjney, we, there's just so much work to do when you're building a new chip company.”Swyx [00:31:08]: Can't fight every front.Anjney [00:31:08]: You just can't fight on every front. So my question to him was, “Well, you're working on this new chip. Their tape-out is next year. What, who are you going to partner with to host the chips?” And he said, “Whoever will host them. That's just not, that's not my focus.” And I said, “But how did you “ you decided back to our earlier systems design question, he decided that, he didn't want to be a full, fully integrated chip provider. The bottleneck they're focused on is the logic die, and they, he feels they can crank out a ton of performance gains through co-design there. But then that means you delegate, to our question earlier, it, you he's the data center provider is a different part of the stack, and so then he's dependent on that part of the ecosystem to host his chips to get the performance gains to the customer. So now you have another abstraction, and you might have loss. So I asked him, “How do you prevent loss?” And back to your point, he said, “I just picked the NVIDIA standard ‘cause I didn't want to Like I wanted to piggyback off of an existing protocol.” And that, what's great about NVIDIA is that reference architecture is known.Swyx [00:32:15]: Open.Anjney [00:32:15]: It's open. They've published it. So Jensen's actually enabled someone like Rainer to build a chip company like MatX, and I don't see them as competitive. The compute demand is so high. Like, I don't I think NVIDIA's not able to meet the demands of production, so we just need more chips. And I think it's very smart what MatX has done, which is say, “We're just going to we're not going to innovate on the data center design ‘cause actually, thank you, Jensen, you've done all the hard work. Where we can innovate is somewhere else.” And I think that's, that's very healthy. I think that's how we unblock new bottlenecks. And my view is these, the, chip teams like MatX, who have arrived at the insight that co-design is the way, The primary bottleneck for them is trust boundary. To do co-design well, you need visibility into the next model generation as soon as possible ‘cause it takes two years to tape out. So if by the time I bring my chip to market, your model architecture's changed, I'm host. Now, when he was inside Google, he was sitting next to the Gemini team. He was on Palm or whatever.Trust Boundaries, Co-Design, and Researcher CEOsSwyx [00:33:19]: His co-founder was the, was one, was one of the Palm guys, I think.Anjney [00:33:23]: Yes. Yes, exactly. So when you're inside the trust boundary of Google, then your systems co-design loop is super tight. When you leave as a founder, one of the biggest risks you take is now you're outside the trust boundary. And so what I love doing is helping chip teams who can help us unlock more capacity for the independent ecosystem access to trust. Because when I If I've been, involved with a lab from day one, and I was lucky enough to work with Anthropic, and then I'm on the board of Mistral and helped Black Forest Labs get started. I think at this point I'm on six or seven different teams.Swyx [00:33:57]: Only six? I feel like my mental number was going to be 13, but yeah, it's-Anjney [00:34:02]: No, I go deep with one at a time.Swyx [00:34:04]: You're founding CEO of Arena.Anjney [00:34:07]: Nah, that was an, that was an-Swyx [00:34:08]: Administrative CEOAnjney [00:34:09]: It was an administrative five-month gig where Whalen and Anastasios were graduating from their PhDs, and they didn't need a product team. So I helped recruit the head of engineering product and design. But Anastasios has always been the CEO of that company. I played a pinch-hitting I'm an intern. I was CEO intern For five months. -Swyx [00:34:33]: I interviewed him, and he's he's very well-spoken. I think he's a debate, former debate, champion. But also very quantitative and mathematical, which is-Anjney [00:34:41]: He-Swyx [00:34:41]: Such a unicorn.Anjney [00:34:43]: See, what's amazing about him? If you look at his output, he's an output maxer. By the time he was graduating from his PhD, which he only graduated last year, he had published more work with a citation count than, people twice his age. But at the same time, he'd already started a project called LLM Arena that was being used by millions of people As a side project. And time and time again, what I've realized is venture capitalists suck at seeing human beings as, dynamic agents where-Swyx [00:35:14]: They want to put you in a boxAnjney [00:35:15]: They want to put you in a box.Swyx [00:35:15]: This is your thing.Anjney [00:35:16]: So the first time I got introduced to Anastasios, somebody had told me “Oh, he's amazing, but he's a researcher.” I was “what? What do you mean he's a researcher?” That's what-Swyx [00:35:28]: Like he's not a CEO, not a founder.Anjney [00:35:29]: Not a CEO, exactly. I was “Are you crazy? Do you Have you met Dario?” Dario's a scientist. He's gone from zero to, what will soon be a trillion-dollar company in four years. Being a CEO, nominally speaking, is not that hard. Being a good CEO is hard. Being a great CEO actually requires a level of performance that scientists who have already published at the top of their field have accomplished. It is super hard to be a competitive scientist. To publish in academia over the last 20, 30 years, to make it to the top of your discipline at a place like Berkeley, you are a star athlete. Like, you are an athlete of the mind, and you perform at the highest levels. And to get there, whether you're, Anastasios or Whalen at Berkeley, or you are Robin, who-Swyx [00:36:23]: BFL, yeahAnjney [00:36:24]: With Black Forest, who created Stable Diffusion, or if you're, like Guillaume at Meta, who created Llama before he started Mistral. The amount of human leadership you have to demonstrate to get the resources, like get the trust of the organization, publish it, put it up. I would just fund researchers all day Right? If who have contributed already to the field. If they've, if they've put SOTA out there, they're, they're star athletes already. If they haven't done SOTA Look, they can still be good CEOs, but then I find the failure mode is that they just don't want to be CEOs, they primarily want to publish, and that's okay, too. One of the things we do with the AMP Grid is we donate excess compute. We have two nonprofits, like university labs. We carved out like a couple thousand H100s. But I do think there's extraordinary research being done on university campuses. My father-in-law's a physicist. He's a professor. Extraordinary work in physics, and we need that. But if you want to be a CEO, what you need to be willing To do is be super confrontational, outside of science. Like within the scientific community, some of the best researchers are very confrontational about their convictions, right? This architecture is right. To be a great CEO, you basically have to be willing to be confrontational up and down the stack.Swyx [00:37:41]: To your own team.Anjney [00:37:42]: To your own team-Swyx [00:37:43]: To customersAnjney [00:37:43]: Hiring, recruiting customers. Well, I would say, Yeah, pretty much to everyone Everybody. Of course-Swyx [00:37:50]: I see, I feel a little bit of that in my own work, but yeah, I can't imagine the stakes that Dario has had to go through. It's, it's pretty insane.Anjney [00:37:56]: No, I don't think the stakes are that different From how you're feeling it, right? Stakes are personal scaling vectors, right? The stakes that seem so low to you, like having this podcast where you can talk to somebody and just have a you're an extraordinary communicator, right? Like already in this conversation, you've pulled more out of me than most people, and I've been on 12 podcasts in the last two weeks.AI Coachella and First-Principles ThinkingSwyx [00:38:17]: I think I, we've just seen each other enough that there's some base trust.Anjney [00:38:20]: There's base trust.Swyx [00:38:20]: And I think, and I know that you, that I've done my homework and like I know that trust is a big deal for you, so.Anjney [00:38:27]: I think trust is about consistency, and you and I have seen each other In the community for years, right? Like, I remember the first time we met was at NeurIPS in New Orleans. I don't know if you remember that, luncheon.Swyx [00:38:38]: Oh my God.Anjney [00:38:39]: Reiko had set up this Reiko's amazing, and he set up this luncheon and-Swyx [00:38:43]: Yeah, I was “Who's this Discord guy?” I'm “Okay.” But-Anjney [00:38:45]: No, you weren't-Swyx [00:38:46]: You were just “You made some investments.”Anjney [00:38:47]: You were much less polite. You were “Who's this VC?” You're like-Swyx [00:38:51]: No, I Was I? Oh my God.Anjney [00:38:53]: It was-Swyx [00:38:53]: I'm so sorryAnjney [00:38:53]: It was visible on your face.Swyx [00:38:54]: I'm so sorry. But you weren't, you weren't The introduction was bad. I was I didn't know who you were.Anjney [00:39:00]: The, see, this is the thing about context, right? Like, but then I think I heard your accent. And I was “Are you-”Swyx [00:39:06]: Singapore, yeahAnjney [00:39:06]: “Are you Singaporean?” And you're “Yeah.” And I said, “I went to high school, JC, in Singapore.” And then the ice broke. But This is the there are in the scientific community, sometimes the stakes are very high for people who haven't had the emotional, what is called EQ Coaching and mentorship, right? Which is like to have scientific impact, you often need to be a extraordinary emotional, like emotionally in tune person with the folks you're trying to influence. And so what comes so naturally to you is actually a super high stakes thing to other people. And so I wouldn't assume that Dario's more stressed out than you. These things are you'd be surprised how similar and small sometimes the problems are to you That some of the world's biggest, leaders are facing. And that's what I've learned from this class. The guest speakers are Sam, Satya, Jensen.Swyx [00:40:01]: AI Coachella.Anjney [00:40:02]: Yeah. It's AI Coachella, right? So we got to get all the headliners, and they're I'm very lucky that some of these people have either mentored me over the years or I've done business with them. And when you, take the performative stuff out and any assumptions you may have about these people that you read in the press or on Twitter, We're all just humans. We're all trying to get along. And what's so special about this moment is AI is forcing, like scaling, the bitter lesson is forcing a lot of people to revise their assumptions for how the world works and go back to first principles or go and educate themselves. So the kind of people I was, I won't name who this person is, but I was at an event last week in Texas and, ran to somebody who said, “Anjney, I came across the class. What do you think about real time action prediction models?” And I was, don't know how happy it made me feel when they asked me that question. I know they've done the work. They've challenged themselves. I'm, they didn't ask me, “What do you think of world models?” They said, “What do you think of n-”Swyx [00:41:04]: Real time action predictionAnjney [00:41:05]: “action, real time action prediction models?” World models, don't get me wrong, are cool and everything, but you and I both know that is a layer of abstraction that is sometimes not usefully precise enough. Right? Ours-Swyx [00:41:16]: There's like four different kinds of world models.Anjney [00:41:17]: Yes, exactly.Swyx [00:41:18]: We've done the part with general intuition, by the way, which is very focused on, -Anjney [00:41:22]: Oh, cool. Yes. I love Pim. Pim is great. And this is what I love about people who've done that level of work. They realize they're not in competition with people who the rest of the world thinks they're in competition with.Swyx [00:41:34]: Because they're not in the category, they're in the specific thing they're trying to do.Anjney [00:41:37]: They're focused on their mission, and they have a systems understanding of the bottleneck they're trying to solve. And when somebody else says, “I'm working on real time, action prediction models too,” Pim goes, “Oh, I love that person. I want, I can learn from them.” But the minute they're “Oh, that person's a world model person,” it's “like which type of world model person?” But mostly they're just trying to figure out if it's a waste of their time, because we don't have enough time. So, Pim, for example, is super, loves this other company I work with we've talked about called Black Forest Labs. And he's mentioned to me multiple times that he's so, He thinks what Flux is doing is really cool. Andy Blattman came by and spoke in the class. And what I find over and over again is for people who do the work, who can be usefully precise enough about like what is actually going on in the world of frontier research, The sense of camaraderie is still well and alive, but it gets lost sometimes when you have to like abstract The technical complexities in, business terms And then the VCs are “How are you different from that world model?” I'm going to say Where do I even start to explain this stuff? And then the misalignment creeps in.Leading vs. Winning in Frontier AISwyx [00:42:43]: This is good. Yeah, I think, people listening get a sense of, what it is like to operate at a real level, like yourself, rather than at, the journalist level, where you have to sort of put everyone in, a rough category and create a narrative of competition, and who's winning today, who's behind.Anjney [00:42:58]: It-- this idea of winning is so Weird to me.Swyx [00:43:03]: You do want to win. You want you want competitiveness.Anjney [00:43:06]: No, I think you want to lead.Swyx [00:43:07]: You want SOTA.Anjney [00:43:07]: No, I think you want to lead. Yes, so you want to push the frontier. You want to push the SOTA. You want to do something that hasn't been done before. You want to capture value, but you don't want to capture so much value that, people think you're unaligned with your mission or trying to do what's best for the world. You want to capture enough value that you can keep innovating, right? And I think that people want to lead, they don't really This idea of winning and losing, again, I love Jensen. He's a, he's a leader. The mindset that he talked about on Dwarkesh's podcast, right? He's “I didn't wake up with a loser mindset.” I think that was awesome, right? Because he's, he's an engineer. Dwarkesh has done the work. So there's at least-- even though the, to me, it was very obvious they're talking about the same thing, they just passed each other. They just had to basically, Jensen has this, five-layer cake abstraction of how the industry works. And Dwarkesh had, I think from that podcast, had more of, a pre-training, mid-training, post-training systems loop concept.Swyx [00:44:04]: It's just a factor of who he talks to, right? Again, it's very clear.Anjney [00:44:06]: It's the systems It's the abstraction, the mental models, the It's the whole-- Dude, so much of the problem in the world is reasoning by analogy. And then the assumptions that are held invisibly.Swyx [00:44:19]: Yeah, I've, I've said, this is actually the best time in human history for first principles thinkers. Because everything you think will happen is actually now coming true.Anjney [00:44:28]: Correct. And the venture capital community is, notorious for this, where people look-- In times of uncertainty, they, cling to axioms that ended up being true from the previous era, and they kind of like proclaim them with confidence as if they're truths, but they're not. And it's very important to see the distinction between a heuristic and an axiom. An axiom can be proven-Swyx [00:44:55]: Like from internal consistency point of viewAnjney [00:44:56]: With internal consistency. A heuristic is a way you kind of a shortcut. And my God, the number of people I have had to put up with over the last few years who proclaim-- use heuristics As axioms to judge people, to judge which companies are going to succeed or the number of people who are “Oh, yeah, Anthropic, they're just training models right now,” but this one continue.Swyx [00:45:22]: Because that's a B2B SaaS?Anjney [00:45:23]: Yeah, the, like Which over the fullness of time, if you squint at it, maybe. But the way you arrive there is so important that you can-- you just, you can dismiss people. Here's what happened, right? What happened is Anthropic basically achieved takeoff in October of last year. That training run-Swyx [00:45:41]: Whatever, three seven?Anjney [00:45:42]: I forget the numbers now, but whatever that checkpoint was-Swyx [00:45:45]: We saw the cognition.Anjney [00:45:46]: Yeah. Right? You probably-- The, to those of us in the community, especially once post-training was done and it was released in December-Swyx [00:45:52]: Yeah. Can I sneak a sneaky question in there? I don't know if you have a perspective, maybe you don't, I just The number one question is how did Anthropic crack coding, right? Because Claude One, Claude Two, okay, like it was part of it, but it wasn't a big deal. And the leading hypothesis, it's a lucky dice roll that was then compounded, right? Like it was like Mildly better, but then they saw it and they were “Okay, let's really invest.”How Anthropic Cracked CodingAnjney [00:46:17]: I had this very annoying teacher. I went to this boarding school called Rishi Valley in India, which is like this, bird preserve. It's like three hundred and fifty acres of bird preserve in rural India, and there was no technology for seven years. There was this teacher, I won't name them, but they would have this-- I hated it every time he said this to me. He was “Luck fa-favors the prepared mind,” which is like a common saying, but the way he delivered it, always grated me, ‘cause he was always I was always one of those kids who got, a good grade without trying very hard. ‘Cause like high middle school is not that hard if you, if you're generally, paying attention and so on. And there was this one time where I-- But then I would get an eighty percent grade, and he would keep pushing me to say “The reason you didn't get the ninety-five plus percent is because you're not that lucky.” And I would say, “What do you mean?” ‘Cause I would think that I deserved that grade, and I would sometimes argue with him. And he'd say, “You didn't have a prepared mind. If you want to get lucky again “ There was basically one time where I got like ninety-five or ninety-six on this, on this subject, and I, now that I felt entitled. I was “Okay, I'm going to keep doing this,” and I didn't. And then he was “Luck favors a prepared mind. You got lucky last time, but you got to stay prepared.” And I didn't understand what he meant. Now, as I'm older, I'm okay, these adults actually knew a thing or two. Anthropic has been the most prepared company for four years. And so then when the right, context data comes in, the right developers start sending in, the right context diffs, Sure, you could say you got lucky, but if you ask me, they're pr-pretty damn prepared with paranoia for like four years. And you have to remember, it was so hard for them to get going early on that they had to do so much more with so much less that you just have to be prepared to be so efficient.Swyx [00:48:06]: Yes. There's numbers on their burn compared to OpenAI. I've, I've written about it, but they are so much more efficient in their, in their tech stack.Anjney [00:48:14]: It's not even It's not funny.Swyx [00:48:14]: Not even close.Anjney [00:48:15]: Yeah. But it's so clear, right? Like how to output max for the world. They have been prepared, and you could call that luck, but Luck favors the prepared mind.Culture, Hardship, and Anthropic's P0Swyx [00:48:25]: This is one of those things that I was going over some of your old lectures and, you were data, people think it's a moat and actually it's culture and actually it's team Actually. And I, it's-- there's different levels of moats, and this is the ultimate one that determines everything else. Which you can then compoundAnjney [00:48:43]: You're saying culture is the ultimate moat? Yeah. But the thing about culture is it's very fragile. So moats, I don't think they're-- there's very few moats I found that are actually moats. They're-- It's, it's a nice concept, but in reality, you have to replenish your culture. Ben Horowitz was, the speaker in CS153 on Tuesday, and I asked him this question about the culture bottleneck in teams because, there are several AI teams-Swyx [00:49:09]: His book, Hard Things About Hard ThingsAnjney [00:49:11]: Hard Thing About Hard Things. But more concretely, there are so many AI labs today that have all the cash they need, they have all the compute they need, and they're still not able to ship anything SOTA. And then you start seeing people leave and so on, and my diagnosis, it's, is it's the culture. And so I asked him, Ben, they're-- He's been one of the most aggressive investors in AI labs. He goes back to this thing which resonates in my mind a lot. It-- When I used to work at a16z, I would, book a conference room, and right outside the conference room, which is closest to the toilet ‘cause it was the fastest way for me to go use the bathroom between Zoom meetings-Swyx [00:49:45]: Oh my God, I'll put maxing my toilet optimization. Okay, never mind.Anjney [00:49:48]: It was not healthy in hindsight, but maybe this is TMI. But anyway, outside that conference on the wall was this quote that was printed that said, “Culture is not a set of beliefs, it's a set of actions.” And it's by Bushido, is this, Japanese philosopher. And if you stop taking the actions that demonstrate the mission alignment to what you've said to your team and to your-- the world matters to you, then your culture starts to fray. So it's not actually a moat, I would say. It's a very brittle, fragile thing that requires daily tending to like a garden. But if you figure out the system to keep that garden tended, which I think ultimately comes down to knowing yourself ‘cause you most naturally, if you're authentic and so on, you'll naturally make trade-offs that seem effortless to you, but that reinforce your culture. And then That becomes this very hard thing for other people to catch up to. And at Anthropic, from day one, there was this mission like-- missionary like zeal and belief that, hey, these capabilities will scale. These systems are stochastic, not deterministic. There will be error bars, and until we crack interpretability, there's risk. And at some point, people will go-- stop using Claude just for coding. They'll use it in some mission-critical context where there's-- it'll throw off a bug, and then people are going to come blame them, and they want to be on the right side of history where they said, “Yes, this is a powerful technology. We think it's going to change the world, And we want to be very measured and scientific about the fact that, ‘Hey, guys, these are stats models, statistical models.' That's how statistics works.” ultimately, when you're training neural nets, it is just a statistical system. And I think that Belief that safety is important and that it might seem toy-like in the early days, and sometimes, you could say, “Anjney, they totally over-exaggerated the risk,” like two years ago when they said, “Let's not launch Claude One,” or whatever. Well, okay, maybe in hindsight, but hindsight is twenty/twenty. And at the time, they didn't know how that model would be used, and to them it felt existential if somebody came and said, “You weren't responsible. It-- This wrote a bug.” The liability associated with that is massive. So how do you prevent against that? Well, day in, day out, you say safety. And when you start deviating from that, you have the team hold you accountable, you have the world hold you accountable, and I think that becomes a moat over time. At some point, that moat will get challenged and so on, and then it become fragile. I hope it endures because that's the beauty of having founders run the show, ‘cause they can make really hard trade-offs to do mission alignment. The hardest part is in the earliest days when you don't have a group of people who are going through difficulty, stress, crisis together, then your culture doesn't get defined sharply enough, and that's what I'm worried about right now, is there's so much money going to these labs. There's no hardship. There's no-Swyx [00:52:50]: To anyone who knowsAnjney [00:52:51]: There's no to anyone who knows. And that, in hindsight, was a feature, not a bug for Anthropic. The number of people who said no, the number of people who said, “Sorry, we're all doing investors in OpenAI,” that is competitive difference. It forces you to really understand, what is the hill you want to die on at the expense of everything else. What's the P zero? And there, P zero from day one was coding. The reason, the mechanism system there was if we crack coding, Then we will crack AGI. Our mission is AGI. We want to get there safely. If we focus on codin

Fahmi Syed runs the Midnight Foundation, custodian of a fourth-generation privacy-first blockchain backed by Charles Hoskinson. Roughly $200 million spent. Zero VC funding. One of the biggest airdrops in crypto history.Jamie Redman sits down with Fahmi at Consensus 2026 for the full breakdown: programmable privacy, selective disclosure, the dual-token Night/Dust model, why Zcash and Monero keep getting delisted, why agentic AI desperately needs a proof layer, and what "Web 2.5" actually means.We cover:- The bank-account-number anecdote that defines rational privacy- Why transparent blockchains can't carry institutions across the bridge- Midnight's private-permissions model between Monero and JPMorgan- The dual-token Night/Dust design and predictable corporate costs- One of crypto's biggest airdrops — no VCs, no insider allocations- March 2026 mainnet and the 100+ builders in pre-prod- The 2008 TradFi trading floor that shaped his self-custody viewsFilmed at Consensus 2026.Host: Jamie Redman

Duncan Johnson, CEO and co-founder of Northern Gritstone, joins VC10X to break down why the UK produces world-class science but struggles to turn it into globally significant companies. We dig into the £24 million vs. £980 million funding gap between the north of England and the Golden Triangle, why a US investor on your cap table can mean a 2x outperformance potential, and how Northern Gritstone's permanent capital structure lets it match the 15-year reality of deep-tech venture instead of forcing exits on a 10-year fund clock.Duncan also shares what UK institutional investors still get wrong about venture risk and portfolio construction, why concentrating capital in a handful of innovation clusters beats spreading it thin, where he believes the UK has a genuine right to win in applied and agentic AI, and the three qualities — ambition, aptitude, and attitude — that separate university spin-outs that become real businesses from the ones that stay great science projects.⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.comTimestamps:(00:00) - The Impact of US Investors on UK Startups (00:19) - Why the UK Fails to Create Tech Giants (00:29) - The UK's Commercial Talent Gap (00:50) - Why Talent is More Crucial Than Science (01:13) - Introduction to Duncan Johnson and Northern Gritstone (02:58) - The Problem Northern Gritstone Solves (03:08) - The North-South UK Funding Disparity (04:15) - Where the UK's Innovation Value Chain Breaks (05:59) - The Trend of UK Startups Seeking US Capital (06:14) - Data-Backed Benefits of Entering the US Ecosystem (08:05) - Defining the UK's Talent Shortage (08:27) - The Scarcity of Venture-Scale Experience (09:25) - Investor Perceptions of the UK's Future (09:41) - How Political Instability Affects UK Investment (11:28) - Northern Gritstone's Permanent Capital Model (11:48) - Pros and Cons of a Permanent Capital Structure (14:37) - Managing Shareholder Liquidity in a Permanent Capital Fund (14:58) - Strategies for Providing Investor Liquidity (17:17) - How New vs. Early Investors are Treated (20:00) - The Current Climate for Raising Venture Capital (22:11) - What Institutional Investors Misunderstand About Venture Capital (22:26) - The Key Misconceptions: Duration, Risk, and Portfolio Size (24:00) - The Case for Concentrated Innovation Clusters (26:07) - Spotlight on Northern Gritstone's Portfolio Companies (26:18) - The Story of Auxetic: A Breakthrough Material (28:40) - How Adsilico Uses AI for Medical Device Testing (30:13) - Uncomfortable Lessons from San Francisco (30:27) - What the UK Can Learn from Silicon Valley's Startup Culture (33:15) - Where the UK Has a Right to Win in AI (35:04) - How to Invest £10 Billion in the UK's AI Future (36:26) - From Science Project to Global Company (36:37) - The Three A's of Successful Founders: Ambition, Aptitude, and Attitude (37:42) - The 15-Year Vision for UK Tech (37:55) - Defining Success: A Trillion-Pound UK Tech Company (39:32) - A Common Misconception About UK Innovation (39:45) - Why Innovation is a Long-Term Game, Not a Quick Fix (40:56) - Where to Follow Duncan Johnson and Northern GritstoneLinks:Northern Gritstone: https://northerngritstone.comLinkedIn: https://linkedin.com/company/northern-gritstoneConnect with Prashant: https://linkedin.com/in/choubeysahabSubscribe to VC10X newsletter - ⁠https://vc10x.beehiiv.com⁠Subscribe on YouTube - ⁠https://youtube.com/@VC10X ⁠Subscribe on Apple Podcasts - ⁠https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986⁠Subscribe on Spotify - ⁠https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ⁠VC10X website - ⁠https://vc10x.com#VentureCapital #UKInnovation #DeepTech #UniversitySpinouts #PermanentCapital

Healthcare AI funding is booming, but the money is flowing to fewer companies than ever before. As investors pour capital into a small group of breakout winners, founders are navigating a fundraising environment where expectations seem to change every quarter. Based on interviews with 24 healthcare founders and a dozen healthcare investors, Halle breaks down what is actually happening in the market today, from pitch meetings and diligence processes to the growing debate over whether AI has fundamentally changed venture capital itself. Why healthcare AI fundraising has become a tale of two marketsThe two questions dominating investor meetings in 2026The metrics VCs are looking for todayThe debate over whether investors should abandon traditional ownership targetsWhy high valuations can be both a gift and a trap for founders —Show notes:Submit questions for our Eric Larsen healthcare AI Q&A here Part I: AI ate digital health (and what that means for fundraising)Part II: Convicted or disciplined: How healthcare VCs are split on investing—

Listen and subscribe to Money Making Conversations on iHeartRadio, Apple Podcasts, Spotify, www.moneymakingconversations.com/subscribe/ or wherever you listen to podcasts. New Money Making Conversations episodes drop daily. I want to alert you, so you don’t miss out on expert analysis and insider perspectives from my guests who provide tips that can help you uplift the community, improve your financial planning, motivation, or advice on how to be a successful entrepreneur. Keep winning! Two-time Emmy and Three-time NAACP Image Award-winning, television Executive Producer Rushion McDonald interviewed Monica Cornitcher. Entrepreneurial journey, the inspiration behind Medase Cocktails, and the realities of launching, funding, and scaling a premium nonalcoholic spirits brand in a highly competitive market. Purpose of the Conversation The purpose of the episode is to: Educate aspiring entrepreneurs on how to build a differentiated consumer brand Demonstrate the importance of storytelling, market clarity, and operational discipline Highlight the growth of the nonalcoholic / zero‑proof beverage movement Inspire founders—especially founders of color—to own their niche, seek capital strategically, and scale intentionally. Key Takeaways 1. Business Built from Personal Need and Purpose Medase Cocktails was co‑founded by Monica and her lifelong friend during her friend’s battle with breast cancer, a time when alcohol was no longer an option—but celebration still mattered. The brand was created to allow people to celebrate authentically without alcohol It carries emotional depth rooted in friendship, gratitude, and loss Monica continues the mission after her co‑founder passed away in 2024 Lesson: Purpose-driven businesses create deeper emotional connection and long-term brand equity. 2. Differentiation Is Everything Monica deliberately rejected the “sparkling water with flavor” model common in nonalcoholic drinks. Her differentiators include: Authentic cocktail taste (Old Fashioned, Margarita, Moscow Mule) Organic juices, not artificial flavors Bold packaging that stands out on shelves Drinks designed to smell, taste, and feel like real cocktails Lesson: Competing on authenticity—not cost—is how you carve out market share in crowded spaces. 3. Brand Names and Stories Matter The name “Medase” means “thank you” and reflects gratitude, friendship, and emotional support. Monica emphasizes: Every flavor name, color, and product decision has a story A strong brand narrative creates curiosity, loyalty, and investor interest Lesson: People invest in brands they feel—emotionally, not just intellectually. 4. Venture Capital Is Not Just About Numbers While financials matter, Monica stresses that VCs also invest in founders and stories. What helped her secure venture capital: A compelling personal story Relevant founder skill sets (M&A, law, operations) Clear understanding of the market opportunity Lesson: Early-stage funding often depends on who you are and why you’re building, not just revenue. 5. Research, Planning, and Discipline Before Launch Unlike many food startups, Medase did not begin in a kitchen. They: Conducted a feasibility study Built a formal business plan Worked with a Black female food scientist Set strict personal funding limits before seeking capital Lesson: Preparation reduces risk and builds long-term sustainability. 6. Scaling Requires Operational Maturity As sales increased—especially on Amazon—Monica emphasized the need to move from “hustle mode” to operational excellence. Key scaling principles: Understand unit economics Track ROI for events and activations Adjust pricing as volume increases Build strategy across marketing, operations, and distribution Lesson: Hustle starts the business; operations grow it. 7. Niche First, Expansion Later Medase does not try to be “everything to everyone.” Core customers include: People seeking a break from alcohol Health-conscious consumers Black men looking for alcohol replacements Consumers wanting cocktail taste without hangovers Lesson: Strong niches create loyal advocates who fuel organic growth. 8. Smart Distribution Strategy Rather than rushing into retail, Monica prioritized direct-to-consumer channels: Amazon (top-performing channel) Brand website TikTok Shop Only after 6–7 months of traction did retail expansion become viable. Lesson: Control your margins and demand before entering expensive retail environments. Memorable Quotes “I wanted an authentic cocktail without compromise.” “Everything we do has a story behind it.” “Sometimes it’s not about the financials—it’s about the founder and the story.” “Don’t be everything to everybody. Find your market and stick with your market.” “Hustle starts the business, but operations give you scale.” “If it tastes too much like alcohol and you gave me a one-star review—thank you. That means I did my job.” Overall Message This episode is a real-world entrepreneurial blueprint showing how clarity of vision, emotional authenticity, disciplined planning, and niche focus can turn a personal idea into a scalable national brand. Monica Cornitcher exemplifies the modern founder:visionary, data-aware, emotionally intelligent, and unapologetically authentic. #SHMS #BEST #STRAWSee omnystudio.com/listener for privacy information.

Listen and subscribe to Money Making Conversations on iHeartRadio, Apple Podcasts, Spotify, www.moneymakingconversations.com/subscribe/ or wherever you listen to podcasts. New Money Making Conversations episodes drop daily. I want to alert you, so you don’t miss out on expert analysis and insider perspectives from my guests who provide tips that can help you uplift the community, improve your financial planning, motivation, or advice on how to be a successful entrepreneur. Keep winning! Two-time Emmy and Three-time NAACP Image Award-winning, television Executive Producer Rushion McDonald interviewed Monica Cornitcher. Entrepreneurial journey, the inspiration behind Medase Cocktails, and the realities of launching, funding, and scaling a premium nonalcoholic spirits brand in a highly competitive market. Purpose of the Conversation The purpose of the episode is to: Educate aspiring entrepreneurs on how to build a differentiated consumer brand Demonstrate the importance of storytelling, market clarity, and operational discipline Highlight the growth of the nonalcoholic / zero‑proof beverage movement Inspire founders—especially founders of color—to own their niche, seek capital strategically, and scale intentionally. Key Takeaways 1. Business Built from Personal Need and Purpose Medase Cocktails was co‑founded by Monica and her lifelong friend during her friend’s battle with breast cancer, a time when alcohol was no longer an option—but celebration still mattered. The brand was created to allow people to celebrate authentically without alcohol It carries emotional depth rooted in friendship, gratitude, and loss Monica continues the mission after her co‑founder passed away in 2024 Lesson: Purpose-driven businesses create deeper emotional connection and long-term brand equity. 2. Differentiation Is Everything Monica deliberately rejected the “sparkling water with flavor” model common in nonalcoholic drinks. Her differentiators include: Authentic cocktail taste (Old Fashioned, Margarita, Moscow Mule) Organic juices, not artificial flavors Bold packaging that stands out on shelves Drinks designed to smell, taste, and feel like real cocktails Lesson: Competing on authenticity—not cost—is how you carve out market share in crowded spaces. 3. Brand Names and Stories Matter The name “Medase” means “thank you” and reflects gratitude, friendship, and emotional support. Monica emphasizes: Every flavor name, color, and product decision has a story A strong brand narrative creates curiosity, loyalty, and investor interest Lesson: People invest in brands they feel—emotionally, not just intellectually. 4. Venture Capital Is Not Just About Numbers While financials matter, Monica stresses that VCs also invest in founders and stories. What helped her secure venture capital: A compelling personal story Relevant founder skill sets (M&A, law, operations) Clear understanding of the market opportunity Lesson: Early-stage funding often depends on who you are and why you’re building, not just revenue. 5. Research, Planning, and Discipline Before Launch Unlike many food startups, Medase did not begin in a kitchen. They: Conducted a feasibility study Built a formal business plan Worked with a Black female food scientist Set strict personal funding limits before seeking capital Lesson: Preparation reduces risk and builds long-term sustainability. 6. Scaling Requires Operational Maturity As sales increased—especially on Amazon—Monica emphasized the need to move from “hustle mode” to operational excellence. Key scaling principles: Understand unit economics Track ROI for events and activations Adjust pricing as volume increases Build strategy across marketing, operations, and distribution Lesson: Hustle starts the business; operations grow it. 7. Niche First, Expansion Later Medase does not try to be “everything to everyone.” Core customers include: People seeking a break from alcohol Health-conscious consumers Black men looking for alcohol replacements Consumers wanting cocktail taste without hangovers Lesson: Strong niches create loyal advocates who fuel organic growth. 8. Smart Distribution Strategy Rather than rushing into retail, Monica prioritized direct-to-consumer channels: Amazon (top-performing channel) Brand website TikTok Shop Only after 6–7 months of traction did retail expansion become viable. Lesson: Control your margins and demand before entering expensive retail environments. Memorable Quotes “I wanted an authentic cocktail without compromise.” “Everything we do has a story behind it.” “Sometimes it’s not about the financials—it’s about the founder and the story.” “Don’t be everything to everybody. Find your market and stick with your market.” “Hustle starts the business, but operations give you scale.” “If it tastes too much like alcohol and you gave me a one-star review—thank you. That means I did my job.” Overall Message This episode is a real-world entrepreneurial blueprint showing how clarity of vision, emotional authenticity, disciplined planning, and niche focus can turn a personal idea into a scalable national brand. Monica Cornitcher exemplifies the modern founder:visionary, data-aware, emotionally intelligent, and unapologetically authentic. #SHMS #BEST #STRAWSteve Harvey Morning Show Online: http://www.steveharveyfm.com/See omnystudio.com/listener for privacy information.

Conventional wisdom says the hardest part of building a startup is building the product. Shanea Leven says the harder challenge is figuring out what customers will actually pay for. Before co-founding Empromptu.ai, Shanea spent more than 15 years building products at companies including Google, eBay, Docker, and Cloudflare. In this conversation, she explains why sales is every bit as complex as engineering, why customer interviews aren't enough to validate an idea, and why early-stage founders need to spend more time testing demand than perfecting roadmaps. We discuss the case-study approach she uses to find customers, the controversial belief that the only real product validation is money, and what happened when a LinkedIn post generated a 1,000-person waitlist almost overnight.  Shanea also shares how she used more than 100 customer calls to shape Empromptu's direction, why she stopped fundraising when the company took  off, and the go-to-market challenges that still keep her up at night. If you're a technical founder trying to figure out whether you're building something people truly want, this episode offers a practical framework for separating genuine demand from wishful thinking. Listen to this episode if you're trying to figure out: why sales validation should happen before you commit to a roadmap how to find your first customers using the case study method what a viral waitlist can teach you about product-market fit how to distinguish customer feedback from customer demand why technical founders need to learn sales earlier than they think which early traction signals are worth trusting — and which aren't how to validate an idea before spending months building it RUNTIME 49:06   EPISODE BREAKDOWN (3:16) What Is Empromptu.ai, and Who Is it For? (6:25) Sales Is Just as Complicated as Engineering (8:14) The Case Study Method for Finding Early Customers (11:56) Why Al Is Rewriting the Product Playbook (13:37)   The Only Real Product Validation Is Money  (17:10) The S***ty Purple Website That Predicted Impromptu's Viral Launch (21:38) What 100 Waitlist Calls Taught Shanea About Customer Demand (26:28) "We evolved the platform." (34:57) "Ninety-nine percent of VCs are great at one thing." (36:20) The GTM Problem That Still Keeps Shanea Up at Night  (39:02) A Process for Selecting Your First Sales/Marketing Hires (40:59) Why She'd Hire a "Scrappy" Marketer Over a Former Meta Employee "Every Time" (44:05) The Early Traction Signal She No Longer Trusts (45:28) A 30-day Experiment Founders Can Run To Validate Their Idea LINKS Shanea Leven Empromptu.ai Empromptu raises $2M pre-seed to help enterprises build AI apps, 12/9/2025, TechCrunch SUBSCRIBE

Rafe Furst is a World Series poker champion, five-time founder, and author of the number one bestselling book on venture capital. He joins host KJ to challenge the VC status quo. Rafe breaks down why the 10-year lockup model is broken, how misaligned incentives are quietly killing early-stage innovation, and why the future of venture capital runs on blockchain. He also shares the story behind The Crypto Company and their newly acquired Frame blockchain, which aims to unify liquidity across fragmented crypto ecosystems. Four Key Takeaways: 3:32 — VCs have quietly abandoned true venture capital by flooding money into later stages. Early-stage investments are treated as lottery tickets rather than genuine bets on founders and their vision. 20:22 — The number one structural flaw in venture capital is not bad founders or bad ideas. It is the total absence of liquidity for a decade or more, which creates misaligned incentives for everyone involved. 21:57 — Liquidity is the magic unlock for early-stage investing. Blockchain technology is the most powerful mechanism to finally deliver that liquidity to founders, investors, and employees alike. 37:47 — AI and blockchain are converging at an exponential pace. Founders who start building on-chain infrastructure now will be positioned to ride the wave rather than get swept away by it. Quote of the Show (38:03):"The way to not get swept away is to get in front of the wave." — Rafe Furst Join our Anti-PR newsletter where we’re keeping a watchful and clever eye on PR trends, PR fails, and interesting news in tech so you don't have to. You're welcome. Want PR that actually matters? Get 30 minutes of expert advice in a fast-paced, zero-nonsense session from Karla Jo Helms, a veteran Crisis PR and Anti-PR Strategist who knows how to tell your story in the best possible light and get the exposure you need to disrupt your industry. Click here to book your call: https://info.jotopr.com/free-anti-pr-eval Ways to connect with Rafe Furst:LinkedIn: https://www.linkedin.com/in/rafefurst/ Company Website: https://www.thecryptocompany.com/ How to get more Disruption/Interruption: Amazon Music - https://music.amazon.com/podcasts/eccda84d-4d5b-4c52-ba54-7fd8af3cbe87/disruption-interruption Apple Podcast - https://podcasts.apple.com/us/podcast/disruption-interruption/id1581985755 Spotify - https://open.spotify.com/show/6yGSwcSp8J354awJkCmJlD YouTube: https://www.youtube.com/results?search_query=disruption+%2F+interuuptionSee omnystudio.com/listener for privacy information.

Markets sold off this week, but not because of a single headline.Instead, investors were forced to digest multiple developments at the same time:• A potentially historic SpaceX IPO• Stronger-than-expected employment data• Persistent inflation concerns• Rising geopolitical tensions in the Middle EastIn this episode, we break down what's actually driving market sentiment — and whether this pullback is a warning sign or simply a repricing of expectations.⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.comKey topics we explore:– Why strong jobs data can be bad news for stocks– How inflation is influencing interest rate expectations– The potential impact of a massive SpaceX IPO on market liquidity– Why geopolitical tensions matter for energy prices and inflation– Whether AI and technology stocks have gotten ahead of fundamentals– What investors should be watching over the next few monthsThe bigger question:Is this the start of a broader correction, or just the market adjusting to a more realistic macro environment?For investors, understanding the interaction between rates, inflation, liquidity, geopolitics, and AI valuations has never been more important.LINKSPrashant Choubey - ⁠https://www.linkedin.com/in/choubeysahab⁠Subscribe to VC10X newsletter - ⁠https://vc10x.beehiiv.com⁠Subscribe on YouTube - ⁠https://youtube.com/@VC10X ⁠Subscribe on Apple Podcasts - ⁠https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986⁠Subscribe on Spotify - ⁠https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ⁠VC10X website - ⁠https://vc10x.com⁠For sponsorship queries reach out to prashantchoubey3@gmail.comThis channel is for asset managers, allocators, and investors who want analysis that holds up — not headlines dressed as insight.Subscribe for weekly data-driven breakdowns of the forces reshaping capital markets.#Markets #Investing #SpaceX #AI #Inflation #FederalReserve #Stocks #TechStocks #VC10X #MacroEconomics #Nvidia #Tesla #Micron #OpenAI #Anthropic #Finance #VentureCapital #Geopolitics #InterestRates #WallStreet

This week on the Sifted Podcast, host John Thornhill is joined by Anu Adebajo, former Atomico partner and, as of February this year, CEO of the Newton Venture Program.Launched in 2020 by VC firm Phoenix Court and London Business School, the educational programme aims to train new generations of VC talent — whether they are experienced investors or simply exploring new career paths.Anu began her career in Sheffield in 2012, where she joined a fund and later went into the British Business Bank. After nearly five years, she moved to the LP side, where she personally deployed over £365m into funds, before moving to Atomico where she led its fund of funds strategy.The pair discuss what LPs want from Europe's VCs now, how far away a Newton Venture's fund might be and the dangers of Europe's re-emerging “boys' club mentality”.Sign up to Sifted's daily newsletter here: https://sifted.eu/newslettersRead John's article about the needs for reinventing VC: https://sifted.eu/articles/vc-needs-to-reinvent-itselfFind out more about Newton Venture Program here: https://newtonprogram.vc/This podcast was brought to you by HSBC Innovation Banking.

This Week In Startups is made possible by:NetSuite - Netsuite.com/TWiSTDeel - Deel.com/TWiSTSquarespace - Squarespace.com/TWiSTTwo days before SpaceX launches the largest IPO in history at a flat $135/share, our VC roundtable drops a scorcher: The top 1% of seed deals might actually be underpriced. Plus: the "Sequoia scam" dual-tranche controversy, tokens-for-equity deals, and whether Claude Fable 5 is a true step function.Tomasz Tunguz (Theory Ventures), Michael Downing (Castalia Capital), and Paige Doherty (Behind Genius Ventures) join Alex to go deep on Seed investing, startup economics, AI spend, and the impact of smarter AI on the founder journey.Guest Links:Tomasz Tunguz: https://x.com/ttunguzTheory Ventures: https://theoryvc.com/Michael Downing: https://www.linkedin.com/in/michaeldowning/Castalia Capital: https://castalia.capital/Paige Doherty: https://x.com/paigefinnnBehind Genius Ventures: https://www.behindgeniusventures.comShow Links:Anthropic's IPO announcement: https://www.anthropic.com/news/confidential-draft-s1-secOpenAI's IPO announcement: https://openai.com/index/openai-submits-confidential-s-1/Bending Spoons F-1 filing: https://www.sec.gov/Archives/edgar/data/2004711/000110465926071170/tm2613674-7_f1.htmSpaceX IPO filing: https://www.sec.gov/Archives/edgar/data/1181412/000162828026040364/spaceexplorationtechnologib.htmBrendan Foody's post on Sequoia: https://x.com/BrendanFoody/status/2063470286515683759Claude Fable 5: https://www.anthropic.com/news/claude-fable-5-mythos-5OpenRouter data on Chinese models: https://openrouter.ai/rankings?view=daySaronic: https://www.saronic.com/MotherDuck: https://motherduck.com/Nox Metals: https://noxmetals.co/Timestamps:0:00 Tomasz Tunguz, Michael Downing & Paige Doherty join2:07 The SpaceX IPO and the IPO window4:22 Plaud: If your work depends on conversations — interviews, meetings, calls — you need a Plaud NotePin. You can check it out at https://Plaud.ai/twist and use code TWIST for 10% off!6:30 The new bar: 10x growth (not 3x) to raise a great Series A8:46 Net-new AI budgets9:46 Squarespace: Turn your idea into a beautiful website! Go to https://www.squarespace.com/twist for a free trial. When you're ready to launch, use offer code TWIST to save 10% off your first purchase of a website or domain.11:09 How some founders are outgrowing venture capital11:44 The power pendulum swings back to founders12:46 SpaceX vs. OpenAI vs. Anthropic: Which IPO is most enticing?19:53 Deel - Founders scale faster on Deel. Set up payroll for any country in minutes, hire anyone anywhere, get visas handled fast, and get back to building. Visit https://deel.com/twist to learn more.26:07 Tokens-for-equity, GPU-hours-for-equity & the financialization of compute28:35 Founders airing VC dirty laundry (napping VCs included)29:56 Netsuite - The business landscape is very chaotic right now. That's why you need NetSuite, by Oracle. Get the free business guide Demystifying AI at https://Netsuite.com/TWiST36:38 Claude Fable 5 first impressions: pricing, benchmarks & orchestration45:42 Where value accrues: application layer vs. models vs. private data1:00:06 Nationalization of AI labs: Bernie Sanders, Sam Altman & Trump agree?!1:01:25 Portfolio spotlights: Saronic, MotherDuck, and Nox MetalsSubscribe to the TWiST500 newsletter: https://ticker.thisweekinstartups.comCheck out the TWIST500: https://www.twist500.comSubscribe to This Week in Startups on Apple: https://rb.gy/v19fcpFollow Lon:X: https://x.com/lonsFollow Alex:X: https://x.com/alexLinkedIn: ⁠https://www.linkedin.com/in/alexwilhelmFollow Jason:X: https://twitter.com/JasonLinkedIn: https://www.linkedin.com/in/jasoncalacanisGreat TWIST interviews: Will Guidara, Eoghan McCabe, Steve Huffman, Brian Chesky, Bob Moesta, Aaron Levie, Sophia Amoruso, Reid Hoffman, Frank Slootman, Billy McFarlandCheck out Jason's suite of newsletters: https://substack.com/@calacanis

Digital Irish podcast celebrates Irish innovation and the Irish startup ecosystem: connecting founders, investors, and innovators across Ireland, the diaspora, and beyond. Each episode features candid conversations with VCs, entrepreneurs, and business leaders sharing the real story behind building companies: the setbacks, the playbooks, and the lessons you don't find in press releases. Whether you're plugged into the Irish startup scene or part of the Irish community abroad, Digital Irish is your window into one of the world's most connected startup communities.

Join Itai Gafni, Co-Founder and CEO of Huskeys, for an unvarnished evaluation of why web application firewalls (WAF) have remained functionally stuck in the 1990s. While modern application traffic has evolved from human browsers to a complex matrix of APIs, automated microservices, and autonomous AI agents, legacy WAF solutions still rely on brittle, static rule sets. An alumnus of Israel's elite Unit 8200 where he engineered advanced intelligence and cyber platforms, Itai is leading a massive paradigm shift. In this episode, we discover why security teams are terrified of updating their firewall rules—and how introducing an agentic control plane allows enterprises to optimize threat detection without breaking production or driving away legitimate customer revenue.

Listen and subscribe to Money Making Conversations on iHeartRadio, Apple Podcasts, Spotify, www.moneymakingconversations.com/subscribe/ or wherever you listen to podcasts. New Money Making Conversations episodes drop daily. I want to alert you, so you don’t miss out on expert analysis and insider perspectives from my guests who provide tips that can help you uplift the community, improve your financial planning, motivation, or advice on how to be a successful entrepreneur. Keep winning! Two-time Emmy and Three-time NAACP Image Award-winning, television Executive Producer Rushion McDonald interviewed Monica Cornitcher. Entrepreneurial journey, the inspiration behind Medase Cocktails, and the realities of launching, funding, and scaling a premium nonalcoholic spirits brand in a highly competitive market. Purpose of the Conversation The purpose of the episode is to: Educate aspiring entrepreneurs on how to build a differentiated consumer brand Demonstrate the importance of storytelling, market clarity, and operational discipline Highlight the growth of the nonalcoholic / zero‑proof beverage movement Inspire founders—especially founders of color—to own their niche, seek capital strategically, and scale intentionally. Key Takeaways 1. Business Built from Personal Need and Purpose Medase Cocktails was co‑founded by Monica and her lifelong friend during her friend’s battle with breast cancer, a time when alcohol was no longer an option—but celebration still mattered. The brand was created to allow people to celebrate authentically without alcohol It carries emotional depth rooted in friendship, gratitude, and loss Monica continues the mission after her co‑founder passed away in 2024 Lesson: Purpose-driven businesses create deeper emotional connection and long-term brand equity. 2. Differentiation Is Everything Monica deliberately rejected the “sparkling water with flavor” model common in nonalcoholic drinks. Her differentiators include: Authentic cocktail taste (Old Fashioned, Margarita, Moscow Mule) Organic juices, not artificial flavors Bold packaging that stands out on shelves Drinks designed to smell, taste, and feel like real cocktails Lesson: Competing on authenticity—not cost—is how you carve out market share in crowded spaces. 3. Brand Names and Stories Matter The name “Medase” means “thank you” and reflects gratitude, friendship, and emotional support. Monica emphasizes: Every flavor name, color, and product decision has a story A strong brand narrative creates curiosity, loyalty, and investor interest Lesson: People invest in brands they feel—emotionally, not just intellectually. 4. Venture Capital Is Not Just About Numbers While financials matter, Monica stresses that VCs also invest in founders and stories. What helped her secure venture capital: A compelling personal story Relevant founder skill sets (M&A, law, operations) Clear understanding of the market opportunity Lesson: Early-stage funding often depends on who you are and why you’re building, not just revenue. 5. Research, Planning, and Discipline Before Launch Unlike many food startups, Medase did not begin in a kitchen. They: Conducted a feasibility study Built a formal business plan Worked with a Black female food scientist Set strict personal funding limits before seeking capital Lesson: Preparation reduces risk and builds long-term sustainability. 6. Scaling Requires Operational Maturity As sales increased—especially on Amazon—Monica emphasized the need to move from “hustle mode” to operational excellence. Key scaling principles: Understand unit economics Track ROI for events and activations Adjust pricing as volume increases Build strategy across marketing, operations, and distribution Lesson: Hustle starts the business; operations grow it. 7. Niche First, Expansion Later Medase does not try to be “everything to everyone.” Core customers include: People seeking a break from alcohol Health-conscious consumers Black men looking for alcohol replacements Consumers wanting cocktail taste without hangovers Lesson: Strong niches create loyal advocates who fuel organic growth. 8. Smart Distribution Strategy Rather than rushing into retail, Monica prioritized direct-to-consumer channels: Amazon (top-performing channel) Brand website TikTok Shop Only after 6–7 months of traction did retail expansion become viable. Lesson: Control your margins and demand before entering expensive retail environments. Memorable Quotes “I wanted an authentic cocktail without compromise.” “Everything we do has a story behind it.” “Sometimes it’s not about the financials—it’s about the founder and the story.” “Don’t be everything to everybody. Find your market and stick with your market.” “Hustle starts the business, but operations give you scale.” “If it tastes too much like alcohol and you gave me a one-star review—thank you. That means I did my job.” Overall Message This episode is a real-world entrepreneurial blueprint showing how clarity of vision, emotional authenticity, disciplined planning, and niche focus can turn a personal idea into a scalable national brand. Monica Cornitcher exemplifies the modern founder:visionary, data-aware, emotionally intelligent, and unapologetically authentic. #SHMS #BEST #STRAWSupport the show: https://www.steveharveyfm.com/See omnystudio.com/listener for privacy information.

In this episode, we sit down with Stephen Tallon, a Partner at McCann FitzGerald, one of Ireland's leading law firms, where his practice focuses on emerging companies, venture capital, and M&A. Stephen trained in Ireland before spending almost a decade in London at Orrick, a global firm with deep roots in Silicon Valley, where he worked on some of the biggest deals across Europe and the US — including transactions involving Stripe, Revolut, and Salesforce Ventures. He's since returned home to Ireland with his family and joined McCann FitzGerald, which has one of the largest and most experienced emerging company and VC teams in the country, advising founders from pre-seed all the way to exit.In this conversation, we get into the legal side of fundraising that most founders overlook until it's too late. We cover:What investment readiness actually means from a legal standpoint, and what VCs are really evaluating in those first conversationsWhy your cap table could make or break a deal before it even gets startedWhat founders consistently get wrong before and after signing a term sheetThe key terms founders should push back on and which ones are genuinely non-negotiableWhat a Delaware flip actually involves for Irish companies pursuing US investment, and when to do itIf you're an Irish founder thinking about raising investment, this episode is packed with practical, honest advice on how to protect yourself and set your company up for the long run.About Stephen TallonStephen Tallon is a Partner at McCann FitzGerald LLP, where he focuses on emerging companies, venture capital, and M&A. He trained in Ireland before moving to London in 2017 to join Orrick, a global law firm headquartered in San Francisco, where he spent almost a decade advising on landmark transactions across Europe and the US with companies including Stripe, Revolut, Butternut Box, Graphcore, Salesforce Ventures, and Macquarie. Now back in Ireland, Stephen works with founders and investors at every stage, from pre-seed through to exit.About McCann FitzGeraldWith over 640 people across four countries and more than 480 lawyers and legal professionals, McCann FitzGerald LLP is one of Ireland's premier law firms. Operating from offices in Dublin, London, New York, and Brussels, the firm provides expert legal counsel to clients in Ireland and around the world across corporate, banking and financial services, disputes, and real estate. McCann FitzGerald has a long-standing reputation for innovation and excellence, and its emerging company and VC team is one of the largest and most experienced in Ireland.Want to get in contact with the Digital Irish team? Email us at podcast@digitalirish.com

The Advantage of Rapid Prototyping in Wearable MedTech DevelopmentModern cancer treatments are getting better at targeting specific forms of cancer. However, this improved effectiveness often introduces lethal side effects. Skribe Medical is developing wearable technologies to help oncologists monitor and manage these side effects and ultimately improve cancer survivability.In Episode 45 of the MedTech Speed to Data podcast, Key Tech's Andy Rogers has a conversation with Ryan Neely, Skribe Medical's CEO and co-founder, about the startup's approach to rapid prototyping, clinical trials, and wearable technology.Need to knowCancer treatment can be lethal — The most effective drugs often come with black box warnings of harmful and lethal side effects.600,000 US patients are at risk of cardiotoxicity — Toxic drugs damage the heart, leading to complications like arrhythmia and heart failure.Managing cardiotoxicity can delay cancer treatments — Oncologists must now schedule patients for third-party ECG testing, which takes time and delays treatment.The nitty-grittySkribe Medical is developing a wearable ultrasound sensor that detects cardiotoxicity signals for use in oncology clinics. “We have a patch that can be worn to detect cardiotoxicity and really streamline monitoring of heart health,” Neely says. “Rather than an oncologist sending a patient to get a cardiac ultrasound, which could take weeks, the patch can just be placed above the heart for about five minutes. We record a bunch of different signals, pass them through an AI model, and then we can give them either a thumbs up or a thumbs down.”Neely goes on to explain how the in-clinic wearable approach delivers benefits beyond better patient outcomes. “The first device that we're building is intended to be used in the clinic by a nurse or a medical assistant. By the time the doctor is there, you've got your answer.”Designing a wearable device rather than an implant created several advantages for Skribe Medical during its early development. “In a regulated industry like medical devices,” Neely explains, “it's like a little bit of a chicken and egg where people say, ‘we'd like to see some clinical validation' and you're thinking, ‘Well, I don't have a million dollars to fund that.' In a non-invasive device, any opportunity that you can have to test, even if it's this big, bulky thing, you can get some data.”Skribe Medical's technology can extend to other aspects of oncology, including peripartum cardiomyopathy, a rare form of heart failure arising towards the end of a pregnancy. Long-term, Neely envisions building the longitudinal training data needed for predictive monitoring. “What we'd like to do is be able to say, ‘two weeks from now there might be an issue' so you can do something today that prevents any drop [in injection fraction] at all.”Data that made the difference:Skribe Medical's three founders built first prototype at home. They used their home electronics and 3D printing labs to rapidly prototype the first functional sensors.Rapid wearable development delivered data quickly, first by testing themselves and then through clinical testing.Skribe Medical conducted the first clinical tests at an ECG lab where, with consent, the wearable collected patient data for comparison with the patient's ECG results.Having clinical data so early in the process encouraged investors. Last year's pre-seed round raised $1.6 million from angels and VCs to support the next phase of device development and trials.Listen to Andy's conversation with Neely to hear more about Skribe Medical's journey, development process, and the advantages of wearable medical technology.

Dave White is the founder of Wayfinder, a boutique advisory firm serving families and institutions across portfolio construction, manager selection, and governance. Before Wayfinder, he spent nearly twelve years at Cambridge Associates, conducting 400+ manager meetings annually across every major asset class.In this episode, Dave breaks down what he actually looks for after thousands of manager meetings, why the corners of the market matter more than what's in demand today, and what most families get dangerously wrong about risk, governance, and generational wealth transfer.⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.comWhat we cover:- Why the hit rate on truly great managers is 1-2% even after 400 meetings a year- The difference between time-weighted and dollar-weighted returns — and which one actually tells the truth- How to get a manager off script and why that's the only meeting that matters- What "stronger dollars, not faster dollars" means for GPs building a durable LP base- Why 70% of third-generation wealth disappears — and the governance fix most families skip- The crypto disconnect: institutions are building on it, but LP dollars have dried up- Why concentration, not diversification, is how the largest wealth in the world has always been created- What the first conversation with a newly liquid founder should actually be about- How AI is changing the pace and depth of manager due diligence right nowLinks:Wayfinder website - https://wayfinder.ioConnect with Dave White - https://www.linkedin.com/in/dave-s-white/Connect with Prashant: https://linkedin.com/in/choubeysahabSubscribe to VC10X newsletter - ⁠https://vc10x.beehiiv.com⁠Subscribe on YouTube - ⁠https://youtube.com/@VC10X ⁠Subscribe on Apple Podcasts - ⁠https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986⁠Subscribe on Spotify - ⁠https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ⁠VC10X website - ⁠https://vc10x.comTimestamps:(00:00) - The Disconnect in Digital Asset Adoption (00:22) - Differentiating Exceptional Managers from Great Storytellers (00:33) - Biggest Misconceptions VCs Have About LPs (00:45) - A Contrarian Belief: The Power of Concentration (01:03) - Introduction to Dave White and Wayfinder (02:34) - What's Broken in Traditional Wealth Management (04:54) - How to Find Underserved Corners of the Market (07:58) - Working with Families on Non-Investment Fronts (09:05) - Timeless Principles for Investing Across Asset Classes (10:51) - Signals of a Truly Exceptional Manager (13:36) - What Limited Partners *Actually* Care About (15:07) - Why Some Families Thrive Across Generations (and Others Don't) (18:15) - The Critical Role of Involving the Next Generation (20:40) - The First Portfolio Conversation for a Newly Wealthy Founder (23:12) - "New Wealth" vs. "Old Wealth": Different Approaches to Investing (25:05) - The Consequences of Underinvesting in Governance (30:04) - Differentiating Factors for Successful Generational Wealth Transfer (32:18) - The Evolving Role of Family Capital in the Next Decade (34:02) - Manager Evaluation in the Age of AI (37:24) - The Single Biggest Factor for Long-Term Investment Outcomes (38:57) - The Future of Family Offices: What Top Investors Will Do Differently (40:32) - A Contrarian Belief: The Case for Concentrated Portfolios (43:15) - Where to Find Dave White OnlineNew episodes live every Tuesday & Thursday.

Discover how Blue Moon is completely revolutionizing seed-stage venture capital by screening 20,000 startups a year using advanced AI. Join Jake Aaron Villarreal as he sits down with Ben Orthlieb to reveal the data-driven secrets behind finding the next billion-dollar unicorn.   We dive deep into the philosophy of investing in the founders behind the technology, comparing startup success to Olympic endurance. Learn why a founders resilience, upbringing, and tolerance for pain are the ultimate predictors of a massive exit in the competitive tech landscape.   Ben shares the incredible story of discovering Merkor before its massive valuation and explains why building a venture fund like a pure technology company allows Blue Moon to achieve a staggering 70 percent market coverage. If you are an AI startup looking for funding or a founder wanting to understand what top-tier VCs are really looking for, this episode is packed with invaluable insights.   Chapters 00:00 Introduction and Personal Stories 01:20 Blue Moon: A Tech-Driven Venture Fund 02:47 Ben Orthlieb's Background and Experience 06:02 From LinkedIn to Venture Capital 08:33 Market Gaps in Traditional VC 11:05 Using Data and AI to Evaluate Founders 13:12 The Olympics Analogy for Founder Obsession 15:47 Deep Conversations with Founders 19:35 AI in Deal Sourcing and Screening 23:03 Managing Deal Flow and Outreach 26:02 Value-Add Beyond Capital 29:20 Building Relationships and Trust 32:16 Fund Performance and Investment Returns 35:09 Notable Investments and Success Stories 38:24 Founder Drive and Obsession 43:18 Building for the Future with AI 45:21 Lessons Learned and Future Plans 47:54 Closing Remarks and Key Takeaways   Host: Jake Aaron Villarreal leads the top AI recruitment firm in Silicon Valley, www.matchrelevant.com, uncovering stories of funded startups and going behind the scenes to tell their founders' journeys. If you are growing an AI startup or have a great story to tell, email us at: jake.villarreal@matchrelevant.com

The AI Tutor That Makes Kids Actually Think | E2298This Week In Startups is made possible by:Northwest Registered Agent https://northwestregisteredagent.com/twistLinkedIn Jobs https://LinkedIn.com/twistShopify https://shopify.com/twistPlaud https://Plaud.ai/twistToday's show:*Schools teach kids to memorize formulas. AI helps them skip thinking entirely. Brilliant founder Sue Khim joins TWiST to tell us how her new AI tutor, Koji, uses the Socratic Method to help students solve complex problems on their own. Find out why she says “People aren't anti-AI. They're anti-being replaced and anti-slop.”PLUS Jason's take on the VC horror stories going around X… and his own anecdote about the tenacity and passion of legendary investor John Doerr.Guest:Sue Khim on X: https://x.com/suekhimBrilliant: https://brilliant.org/Viral Koji launch video: https://x.com/suekhim/status/2060378988606878147Relevant Links:Viral Greg Isenberg post about VCs: https://x.com/gregisenberg/status/2061794787825479818Travis Kalanick's story: https://x.com/travisk/status/2062224472426365045Matthew Prince's stories: https://x.com/eastdakota/status/2062860530360959273John Doerr on X: https://x.com/johndoerrRoelof Botha on X: https://x.com/roelofbothaMichael Moritz on LinkedIn: https://www.linkedin.com/in/michaelmoritz/Mohr Davidow Ventures: https://mdv.com/Jason's book “Angel: How to Invest in Technology Startups”: https://www.amazon.com/Angel-Invest-Technology-Startups-Timeless-Investor/dp/0062560700Timestamps:0:00 Sue Khim's Alltuition origin story1:41 Plaud: If your work depends on conversations — interviews, meetings, calls — you need a Plaud NotePin. You can check it out at https://Plaud.ai/twist and use code TWIST for 10% off!4:10 Brilliant: from launch to product market pull10:46 Northwest Registered Agent - Get more when you start your business with Northwest. In 10 clicks and 10 minutes, you can form your company and walk away with a real business identity — Learn more at https://northwestregisteredagent.com/twist15:08 Pricing against tutors, not apps19:25 LinkedIn Jobs - Hire right, the first time. Post your first job and get $100 off towards your job post at https://LinkedIn.com/twist21:22 Koji demo24:11 Keeping Brilliant local while expanding30:22 Shopify - Turn those What Ifs into sales with the e-commerce platform powering millions of businesses. Sign up for your $1-per-month trial today at https://shopify.com/twist40:10 Every founder has a VC horror story44:33 John Doerr went the extra mile to hear JCal's pitch52:55 The LAUNCH investment strategySubscribe to the TWiST500 newsletter: https://ticker.thisweekinstartups.comCheck out the TWIST500: https://www.twist500.comSubscribe to This Week in Startups on Apple: https://rb.gy/v19fcpFollow Lon:X: https://x.com/lonsFollow Alex:X: https://x.com/alexLinkedIn: ⁠https://www.linkedin.com/in/alexwilhelmFollow Jason:X: https://twitter.com/JasonLinkedIn: https://www.linkedin.com/in/jasoncalacanisCheck out all our partner offers: https://partners.launch.co/Great TWIST interviews: Will Guidara, Eoghan McCabe, Steve Huffman, Brian Chesky, Bob Moesta, Aaron Levie, Sophia Amoruso, Reid Hoffman, Frank Slootman, Billy McFarlandCheck out Jason's suite of newsletters: https://substack.com/@calacanisFollow TWiST:Twitter: https://twitter.com/TWiStartupsYouTube: https://www.youtube.com/thisweekinInstagram: https://www.instagram.com/thisweekinstartupsTikTok: https://www.tiktok.com/@thisweekinstartupsSubstack: https://twistartups.substack.com

On this episode of the SeventySix Capital Sports Leadership Show, Wayne Kimmel interviewed Margaret Fleming, Reporter at Front Office Sports.Fleming covers the business of soccer, the FIFA World Cup, and breaking news shaping the sports industry. She shares insights into the evolving soccer landscape and the stories driving the global sports business conversation.Fleming previously covered the business of sports media as a fellow at Business Insider, with a special focus on NIL, women's sports, VCs and startups, and sports betting. She also worked at CNBC, The Colorado Sun and Pittsburgh's NPR station, and has bylines in ProPublica, the Chicago Tribune, Tampa Bay Times, Pittsburgh Post-Gazette, and Equalizer Women's Soccer Magazine.She received her BSJ and MSJ from Northwestern University, where she was a part of WNUR Sports and the Medill Investigative Lab.Fleming is based out of the FOS office in New York.Margaret Fleming:LinkedIn: https://www.linkedin.com/in/margaret-fleming-1874631a5/

Ali quit his job a few months after ChatGPT launched, convinced AI would eat labor marketplaces like Upwork. With no co-founder and no code, he collected $12K from real customers—using a faked demo and a cloned voice. Then he pitched 100 VCs in 10 days and got 47 straight 'no's.In this episode, Ali breaks down how he banked $12K in revenue before writing a single line of code, how a $20/month Slack community drove Amigo's first $1M in ARR, and why he churned every existing customer to go all-in on $100K+ healthcare enterprise deals.Why You Should ListenWhy validation only counts when dollars exchange hands.How a $20/month paid community turned into $1M in ARR.Why he refunded every customer and churned 100% of his revenue.Why founders must sell the first $2M themselves before hiring an AE.Keywords startup podcast, startup podcast for founders, product market fit, finding pmf, AI agents, healthcare AI, enterprise sales, pre-seed fundraising, community-led growth, customer validation, pivot, Amigo AIChapters00:00:00 Intro00:08:37 From Upwork to Starting Amigo00:13:30 $12K in Revenue Before Writing Code00:23:24 Pitching 100 VCs in 10 Days00:30:20 47 No's—Then FOMO Took Over00:37:12 The $20/Month Community Behind the First $1M00:45:47 Churning 100% of Revenue on Purpose00:01:49 The Moment of True Product Market FitSend me a message to let me know what you think!

(0:00) Brad Gerstner, Gavin Baker, and Kelly Rodriques join the Besties! (0:47) Secondary Markets are Booming & Competing with IPOs (3:10) Why Companies are Staying Private So Long? (9:22) SPVs, the Forge-Schwab Deal, Democratizing Private Market Access (13:28) Secondary Markets as Exit Liquidity for VCs (27:00) The Private Market Bubble? (32:03) Hottest Secondary Companies Right Now Thanks to our partners for making this possible! EY - Agentic AI is introducing a new investment discipline. As AI shifts to consumption-based models, EY connects spend to enterprise value. https://www.ey.com/en_us/insights/ai/agentic-ai-token-costs?WT.mc_id=3501318&AA.tsrc=sponsorship NYSE - Thank you to our partner, the New York Stock Exchange - a modern marketplace and exchange for building the future. It all happens at the NYSE. https://www.nyse.com Plaud - Never miss a moment. Plaud, our official wearable AI note-taking partner at All-In Liquidity Summit, captured every insight. https://www.plaud.ai Follow Brad: https://x.com/altcap Follow Gavin: https://x.com/GavinSBaker Follow Kelly: https://www.linkedin.com/in/kelly-rodriques-9b49418 Follow the besties: https://x.com/chamath https://x.com/Jason https://x.com/DavidSacks https://x.com/friedberg Follow on X: https://x.com/theallinpod Follow on Instagram: https://www.instagram.com/theallinpod Follow on TikTok: https://www.tiktok.com/@theallinpod Follow on LinkedIn: https://www.linkedin.com/company/allinpod Intro Music Credit: https://rb.gy/tppkzl https://x.com/yung_spielburg

Listen and subscribe to Money Making Conversations on iHeartRadio, Apple Podcasts, Spotify, www.moneymakingconversations.com/subscribe/ or wherever you listen to podcasts. New Money Making Conversations episodes drop daily. I want to alert you, so you don’t miss out on expert analysis and insider perspectives from my guests who provide tips that can help you uplift the community, improve your financial planning, motivation, or advice on how to be a successful entrepreneur. Keep winning! Two-time Emmy and Three-time NAACP Image Award-winning, television Executive Producer Rushion McDonald interviewed Monica Cornitcher. Entrepreneurial journey, the inspiration behind Medase Cocktails, and the realities of launching, funding, and scaling a premium nonalcoholic spirits brand in a highly competitive market. Purpose of the Conversation The purpose of the episode is to: Educate aspiring entrepreneurs on how to build a differentiated consumer brand Demonstrate the importance of storytelling, market clarity, and operational discipline Highlight the growth of the nonalcoholic / zero‑proof beverage movement Inspire founders—especially founders of color—to own their niche, seek capital strategically, and scale intentionally. Key Takeaways 1. Business Built from Personal Need and Purpose Medase Cocktails was co‑founded by Monica and her lifelong friend during her friend’s battle with breast cancer, a time when alcohol was no longer an option—but celebration still mattered. The brand was created to allow people to celebrate authentically without alcohol It carries emotional depth rooted in friendship, gratitude, and loss Monica continues the mission after her co‑founder passed away in 2024 Lesson: Purpose-driven businesses create deeper emotional connection and long-term brand equity. 2. Differentiation Is Everything Monica deliberately rejected the “sparkling water with flavor” model common in nonalcoholic drinks. Her differentiators include: Authentic cocktail taste (Old Fashioned, Margarita, Moscow Mule) Organic juices, not artificial flavors Bold packaging that stands out on shelves Drinks designed to smell, taste, and feel like real cocktails Lesson: Competing on authenticity—not cost—is how you carve out market share in crowded spaces. 3. Brand Names and Stories Matter The name “Medase” means “thank you” and reflects gratitude, friendship, and emotional support. Monica emphasizes: Every flavor name, color, and product decision has a story A strong brand narrative creates curiosity, loyalty, and investor interest Lesson: People invest in brands they feel—emotionally, not just intellectually. 4. Venture Capital Is Not Just About Numbers While financials matter, Monica stresses that VCs also invest in founders and stories. What helped her secure venture capital: A compelling personal story Relevant founder skill sets (M&A, law, operations) Clear understanding of the market opportunity Lesson: Early-stage funding often depends on who you are and why you’re building, not just revenue. 5. Research, Planning, and Discipline Before Launch Unlike many food startups, Medase did not begin in a kitchen. They: Conducted a feasibility study Built a formal business plan Worked with a Black female food scientist Set strict personal funding limits before seeking capital Lesson: Preparation reduces risk and builds long-term sustainability. 6. Scaling Requires Operational Maturity As sales increased—especially on Amazon—Monica emphasized the need to move from “hustle mode” to operational excellence. Key scaling principles: Understand unit economics Track ROI for events and activations Adjust pricing as volume increases Build strategy across marketing, operations, and distribution Lesson: Hustle starts the business; operations grow it. 7. Niche First, Expansion Later Medase does not try to be “everything to everyone.” Core customers include: People seeking a break from alcohol Health-conscious consumers Black men looking for alcohol replacements Consumers wanting cocktail taste without hangovers Lesson: Strong niches create loyal advocates who fuel organic growth. 8. Smart Distribution Strategy Rather than rushing into retail, Monica prioritized direct-to-consumer channels: Amazon (top-performing channel) Brand website TikTok Shop Only after 6–7 months of traction did retail expansion become viable. Lesson: Control your margins and demand before entering expensive retail environments. Memorable Quotes “I wanted an authentic cocktail without compromise.” “Everything we do has a story behind it.” “Sometimes it’s not about the financials—it’s about the founder and the story.” “Don’t be everything to everybody. Find your market and stick with your market.” “Hustle starts the business, but operations give you scale.” “If it tastes too much like alcohol and you gave me a one-star review—thank you. That means I did my job.” Overall Message This episode is a real-world entrepreneurial blueprint showing how clarity of vision, emotional authenticity, disciplined planning, and niche focus can turn a personal idea into a scalable national brand. Monica Cornitcher exemplifies the modern founder:visionary, data-aware, emotionally intelligent, and unapologetically authentic. #SHMS #BEST #STRAW #AMISee omnystudio.com/listener for privacy information.

Cats are 40% of the pet market, but are somehow still chronically overlooked. Every innovation goes to dogs first. Even your vet's office is built for dogs first. Matt Michaelson, cofounder and CEO of Smalls, and his team have built an incredible cat-first brand precisely because of that blind spot.In this episode, I sit down with Matt to break down:• Why the cat industry is structurally underinvested (which includes VCs simply saying "I don't really like cats")• What "human-grade" actually means for pet food — and the sustainability trade-offs nobody talks about• Ingredient splitting: the regulatory hack that lets pet brands disguise what's actually in the bag• "Wrestling in the mud": a feedback culture where every hire is expected to disagree• Founders Pledge, and why committing 5% early changes the giving conversation laterBig thanks to Matt for coming on the pod and sharing the playbook behind Smalls.⏱️ Chapter Markers:00:00 — Why cats keep getting overlooked01:05 — What is Smalls? Cat-first brand, human-grade nutrition02:09 — What "human-grade" actually means (and the sustainability trade-off)04:26 — Health impact: allergies, ingredient splitting, and the regulatory hack06:31 — Why Matt chose cats: the market psychology nobody's pricing in07:20 — Why every VC and pet brand defaults to dogs first09:21 — From growth marketing to founder: building demand in a commoditized stack11:48 — Emerging channels worth watching (and why DTC is just a channel, not a model)13:17 — AI-native orgs: how the team uses AI without becoming a tech company16:01 — Human-supervised AI teams and what entry-level jobs look like now17:26 — "Wrestling in the mud": the air-grievances feedback culture19:39 — Founders Pledge: committing 5% early changes the whole conversation21:05 — Ingredient transparency: percentages on the label, fixing the labeling game23:32 — MPD's closing thoughts on the cat opportunityLinks:Matt Michaelson: LinkedIn Smalls: Website, LinkedIn, X Interplay: Website, LinkedIn, XMPD: LinkedIn, X

What if the biggest risk in a company is not the strategy, the product, or the market—but the leader's ability to grow fast enough to match the business? In this episode of Leveraging Thought Leadership, Peter Winick sits down with Logan Yonavjak, founder of the Founders Readiness Institute, to explore a bold idea: leadership capacity can be measured, developed, and used to reduce business risk. Logan's work sits at the intersection of people analytics, vertical development, AI, and executive performance. She is building tools that help investors, boards, and leadership teams understand how founders and executives think, behave, and respond under pressure. This is not traditional assessment work. It is not about labels. It is not about personality typing. It is about readiness. Can a leader handle complexity? Can they adapt? Can they scale with the company? Can they make better decisions when the stakes rise? Peter and Logan dig into why founder readiness matters. Many companies do not fail because the idea is weak. They fail because leadership breaks under scale. A founder who can lead seven people may not be ready to lead seven hundred. Logan's work helps surface those risks earlier—and gives leaders a roadmap to grow. The conversation also explores the business side of thought leadership. Logan shares how she tested her market, interviewed more than 125 venture capitalists, and learned that curiosity does not always equal a buyer. That insight pushed her to refine her positioning and focus on private equity firms, corporate boards, and middle-market companies where execution risk is already a costly pain point. For thought leaders, this episode is a sharp reminder: great IP is not enough. Science is not enough. A compelling model is not enough. The market decides. The buyer decides. And the best founders listen, adapt, and move. This episode is for anyone building a thought leadership platform around a complex, emerging, or category-defining idea. Logan shows what it takes to turn deep expertise into a practical business tool—and why the right go-to-market strategy matters as much as the idea itself. Three Key Takeaways: • Leadership readiness is a business risk issue, not just a people issue. Logan's work reframes founder and executive assessment around risk, scale, and execution. The core question is whether leaders can grow at the same pace as the companies they are building. • Thought leadership needs market validation, not just strong IP. Logan had science, a model, and a compelling idea. But after speaking with more than 125 VCs, she learned that interest does not always equal buying behavior. The market pushed her toward private equity, boards, and middle-market companies. • Strategic partnerships can shorten the sales cycle for complex ideas. Because Logan's work requires education, trust, and context, Peter highlights the value of distribution partners and champions. The right partner can reduce friction, accelerate credibility, and make the idea easier to buy. If Logan Yonavjak's episode made you think differently about founder readiness, leadership risk, and scaling, Jim Adler's episode is the perfect companion listen. Logan explores how leadership capacity can be measured before it becomes a business risk. Jim brings the investor's lens, showing how startups use thought leadership to build credibility, earn trust, and strengthen their market position. Together, they reveal what it really takes to move from promising idea to durable business. Listen to Logan for the human readiness behind scale. Listen to Jim for the investor perspective on startups, value creation, and thought leadership.

In this episode, Adam Maarec sits down with fintech thought leader Simon Taylor for a lively fireside chat focused on the rapidly evolving world of fintech, payments, and banking innovation. Adam, an experienced legal and regulatory advisor in financial services, and Simon, widely recognized for his writing, podcasts, and advisory work with fintechs, banks, VCs, and regulators, delve into some of the most relevant challenges and opportunities shaping the industry today. Together, they unpack the rise of agentic commerce and the impact of AI-driven financial tools, exploring how personal finance agents and large language models are beginning to reshape shopping, payments, and financial management. The conversation covers the complexities of liability and authentication when using AI agents, the evolving regulatory landscape in the US compared to the UK and EU, and the ongoing battle with AML (Anti-Money Laundering) risks, particularly in relation to stablecoins and open banking. Listeners will hear candid takes on the tension between innovation and risk management, the evolving payments ecosystem (including A2A and stablecoins), and the real-world implications for merchants, consumers, and regulators as the industry pushes into new territory. The episode also highlights real use cases and experiments currently unfolding in the market, such as the integration of platforms like Perplexity and Plaid for next-generation personal financial management, and the adoption of stablecoins in B2B payments across global markets. Adam and Simon provide a balanced view, separating hype from genuine progress, and invite listeners to stay attuned to the early signals that are likely to shape the future of digital finance. Consumer Finance Monitor is hosted by Alan Kaplinsky, Senior Counsel at Ballard Spahr, and the founder and former chair of the firm's Consumer Financial Services Group. We encourage listeners to subscribe to the podcast on their preferred platform for weekly insights into developments in the consumer finance industry. 

This is the 300th episode of VC10X — and instead of bringing on a guest, host Prashant Choubey turns the mic on himself. AI generated the questions. Prashant answered them. The result is one of the most honest conversations about venture capital, building in public, wealth, and what 300 interviews actually teach you.⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.comIn this episode:- Why Prashant started VC10X at 22 — and why a coffee chat wasn't enough- What changed from the first 50 episodes to the last 50 (the bar, the macro, the mindset)- Three lessons for founders distilled from 300 conversations- Why you should diligence your VCs as hard as they diligence you- The biggest misconception founders have about fundraising- What separates exceptional investors from merely successful ones- How AI has changed the diligence conversation — and why product is no longer a moat- What 300 interviews taught Prashant about wealth- Why venture capital is not for everyone — including possibly you- Why every VC should have a podcast (and most are still leaving it on the table)- Episodes and guests that changed how Prashant thinks: Wendy Craft, Ronald Diamond, John Messervey, Justin Pollack, Paul Flood, Greg Ho, Anurag Chandra, and moreLINKSPrashant Choubey - ⁠https://www.linkedin.com/in/choubeysahab⁠Subscribe to VC10X newsletter - ⁠https://vc10x.beehiiv.com⁠Subscribe on YouTube - ⁠https://youtube.com/@VC10X ⁠Subscribe on Apple Podcasts - ⁠https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986⁠Subscribe on Spotify - ⁠https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ⁠VC10X website - ⁠https://vc10x.com⁠For sponsorship queries reach out to prashantchoubey3@gmail.comThis channel is for asset managers, allocators, and investors who want analysis that holds up — not headlines dressed as insight.Subscribe for weekly data-driven breakdowns of the forces reshaping capital markets.#VC10X #VentureCapital #FundManagement #StartupPodcast #PrivateEquity #FamilyOffice #Investing #Founders #VC #PodcastMilestone

We've informally heard that Satya is a listener to LS for a couple years now, but it was still absolutely surreal to meet him and do a live pod at Build, together with our friends at No Priors, the leading VC AI Podcast that we also greatly admire!We covered the MAI model technical takeaways on yesterday's AINews, so I will focus our recap of Satya's main messages around three elements:* Satya's adaptation of the Bill Gates Line for positioning Microsoft as the Frontier Intelligence Platform — customers must gain much more value from the Microsoft ecosystem than Microsoft itself, by building on multi-model harnesses like OpenClaw and Scout, drawing on the full enterprise context exposed by context layers like Work IQ (heavily dogfooded by his C-suite), and building up private evals and traces as a new form of Token IP* AI ROI: On one hand, enterprises are having difficult conversations around Tokenmaxxing and Layoffs, and on the other hand, there are serious re-evaluations of the End of SaaS since the Build vs Buy equation has changed so much. Our previous SemiAnalysis guest had… interesting comments on Microsoft's position on this as the ur-SaaS titan, and Satya had great answers* Making the Impossible Possible: Kevin Scott's inspiring framing around what the most ambitious version of applying AI and technology at large to business and social problems, like education and social impact.Enjoy!Full VideoTranscriptVoiceover: Welcome swyx, Sarah Guo, Elad Gil,, and Chairman and Chief Executive Officer of Microsoft, Satya NadellaSarah Guo: Welcome to a crossover episode of No Priors and Lane Space with Satya Nadella. Um, congratulations on an amazing build. No, thank you so much, and it's great to be with both of you. I listen to both of you or b- both the podcasts all the time. It's great to be on it.Thank you so much. [00:01:00] So you're just talking about, um, these amazing, uh, announcements from across the Microsoft estate all morning for, I think, three hours. What is the, uh, what's the most important reflection or takeaway you have?AI as an Ecosystem PlatformSarah Guo: I, I'd say there are, uh, perhaps the, the biggest one for me is let's sort of conceptualize this more as an ecosystem play as opposed to a single model or even a single platform, right?Satya Nadella: I mean, you know, whatever I... At least for me, having grown up at Microsoft, having seen, whatever, four major platform shifts, uh, I sort of fall into that, um, uh, camp where a platform is defined by fundamentally its ability to create more value about the platform versus what's captured in the platform. And so if you, you view what's happening right now, I think this morning's keynote was how can any company, whether it's an AI native company or a traditional enterprise company, participate as a first-class participant where they can point to AI they created, [00:02:00] right?It's not that they don't use other people's AI. Of course they will. But to me, what's the path? What's the recipe? How do I do it? What does a stack look like? What does the tooling look like? What is valuable? How do you do that? That's it. That's sort of our job to do. Yeah. Ecosystem strategy is, uh, very complicated, right?Sarah Guo: Because you end up building certain components, partnering for certain components, supporting them. You just announced this big suite of models. Like, tell us a little bit about the, uh, training strategy for Microsoft now. Yeah.MAI Models & Training StrategySarah Guo: So, so the thing that we wanted to do with the MAI models was to build, and as Mustafa talked about, first of all, a great lineage, right?Satya Nadella: Starting with pre-training, uh, with very good data quality, uh, doing all the ablations, making sure because in, in some sense it's becoming even harder to build a clean lineage model just because there's so much stuff out there, uh, that you truly need to ablate out to be able to have a fantastic [00:03:00] pre-trained model.In fact, that's one of the challenges of a lot of the open weight models is they look great on one benchmark or two, but they're not great on practice. So that's why, in fact, even in the RFDEs are, they, they are pretty gone really excited about these MAI models because how the heck can a small five B model hill climb?Uh, and it goes back a little bit to what I think is ultimately the key thing to do, which is try to pursue finding that cognitive core. Uh, so to me, starting with a clean lineage- Then creating that ability for companies to be able to use this, right? Not just as a generalist, but to create their own specialist by building this hill climbing scaffold around it, right?So it's not just the model, but you have a hill climb scaffold around it, then you will start building your RLE. You will start collecting the traces. Most importantly, you'll have private evals because we know all the evals out there are good, interesting, [00:04:00] but they're not really that critical- They're work, yeahSwyx: at this point because they all can be maxed. And so the point is each company will have its own private eval. And so that end-to-end platform story around our models is sort of, uh, what I think is interesting. And then the one other thing, Sarah, since you brought that up, is I do feel there's a new frontier.Satya Nadella: Like people talk about the frontier and are you operating at the frontier. Um, interestingly enough, if you add a little temporality to it, you can use, let's say, in, in, in fact, the, the Lando Lakes demo we showed was pretty cool. We used, whatever, GPT-55, right? Then you collected a bunch of traces, and then you took a 5B reasoning model and achieved higher.Sarah Guo: Uh, so that is another aspect of what it means to appear... uh, you know, operate at the frontier Yeah. I, I think, uh, I first of all have to congratulate you on basically building a frontier neo lab inside of Microsoft in two years. Um, I'm wondering, you know, you have all this AI strategy that you're rolling out.Lessons from Two Years of AI DevelopmentSwyx: I'm wondering, what do you know now that you wish you would tell yourself two years ago where- or two or [00:05:00] three years ago? Three years for the Jensen partnership, two years for, uh, MEI. Yeah, I mean, I think the, the thing when, that I reflect quite a bit, right, which is sort of obviously I got into all this when I got excited by the, the scaling laws paper and, you know, when, you know, even the OpenAI partnership came about when those folks said, “Hey, we're gonna really throw a lot of computer transformers.”Satya Nadella: Uh, and they've helped. I- the thing that I always look back and say, “Wow, these things, uh, do have capability that they're climbing up.” W- I mean, this, you know, this crude way of saying it is intelligence is log of compute kind of works. Now what I think we underestimated perhaps is the real-world complexity of deploying these so that they actually deliver the value in the real world, right?So the outcomes as measured by any benchmark is interestingly important, but the true eval is when people out there are able to do unique things that they only can value, and it's very [00:06:00] measurable, right? That I wish we had sort of even, like, had more in our consciousness, right? Which is as an industry.Sarah Guo: Because right now I think when people say, “Wow, I don't want a token max,” it's an artifact of us not having thought ourselves as an industry that we are using tokens to create value every step of the way. So I think that's kind of what I wish we had gotten there, but I'm glad we are here.Real-World Value & Use CasesSarah Guo: What are some of the use cases that you've seen that have created the most value for your customers?Because I know that people talk a lot about code, and I think it's pretty clear that that's something that's having very large scale impact. Are there other areas that you find in common that your customers are really benefiting from? Yeah. I think, yeah, to your point, obviously coding is now got... But it's interesting, by the way, Elijah, to even talk about the coding, right?Satya Nadella: Which is coding has worked so well that we now have to rebuild the IDE, right? I mean, it's kind of nuts to see what we sh- launched is like, oh my God, I have these hundred agent sessions. I... The cognitive load it transfers back to me as a human is so [00:07:00] excessive that now I need a new UI. Uh, oh, by the way, I, like the, the chat as the only artifact was also impossible, so that's why we need a canvas.So it's kind of interesting for all the things about where is software needed or where is UI needed, uh, you kind of need that even for code, right? In a fully agentic world. But that said, one of the things that we are starting to see, we started seeing with co-work, but even some of the work we, we showed with auto com- uh, um, autopilot Right on what you see with claws is a good one because if you sort of think about a lot of human capital is doing the glue work, right?If you now can augment that with tokens/agents that are long-running, durable, right, then your ability to scale even what is still judgment and glue work gets amplified like coding does. Uh, so you can... Like, I'm positive that six months from now we'll all be saying, “Oh, wow,” like, all through ni- the night there was a bunch of stuff that [00:08:00] all these autopilots that I have working on my behalf with my delegated authority, so to speak, right?I can... Sort of given even my identity, did a bunch of work, then of course I'll need my new ADE to say, “Well, what did you do?” Like, I might... “Did I do this work?” And so on. So I think that that's where compressing of workflows, uh, completing of tasks, uh, that's where I think a lot of the value gets created. I think you raised a really interesting point, which is there's the actual agent that's doing the code, and then there's a harness around it, and that's the environment, that's the context, that's everything you're setting up as a developer around actually a coding agent.The Harness Concept for Enterprise AISarah Guo: What is the harness for the enterprise? Is there an equivalent concept for broader productivity work, or how do you think about that concept sort of generalized? That's right. So, so in some sense you kind of want the harness to define the models, the, the data, uh, and the tools, and so that you have a loop across those three.Satya Nadella: And so what we are trying to, first of all, make sure is each of our products that we build, right, whether it's GitHub Copilot or the security copi- the, the [00:09:00] stuff we showed with MDASH or even the discovery for science, it doesn't matter, all of them are multi-model harnesses, um, with tools access so that you can do this progressive, uh, disclosure of tools even so that they're token efficient.Uh, and then you're feeding it with very rich context because that's sort of the other hard lesson we have learned in the last two years is, oh my God, the amount of work you need to do to prep the context layer, uh, such that your plan can execute in the most efficient way is where the magic is. So we have, in our case, we have the GitHub harness, which essentially we're using across all our products.It's available in Foundry, and we are open, like you can use your Llama harness, whatever. Or you can use the, um, uh, you know, any open harness or any harness of yours and train with your tools and multiple models and your context. And so that's the pitch. Because right now a lot of dialogue is, um, “Hey, if I train the harness plus tools and the model together, you get [00:10:00] evals.”Elad Gil: And what we are proving out is... And the best example of that is what we did with MDASH, right? Because when it launched, uh, it found bugs or vulnerabilities that were not found by Mythos Uh, and so there is existence proof, I would claim, that you can have a multimodal harness, uh, that can in fact be more, uh, performant in the real world So a premise behind the, uh, training at the independent frontier labs is really, you know, we're gonna have these models, and we'll have an API business, and we'll support enterprises and startups.Sarah Guo: ButPlatform Strategy & Developer EcosystemSarah Guo: a first-party product, be it productivity or code or search, drives the majority of revenue. That's a different value equation than you're describing, I think, with the Microsoft ecosystem. Uh, if, if that's the case, tell me if it's the case, uh, ‘cause obviously you have first-party products and you have enablement products.Satya Nadella: Um, what is the role of the develop- Like what is gonna be hard and the set of skills and the value capture the developer has in that world? Yeah. So I think that there's always [00:11:00] gonna be the case that someone who is super successful in- as a platform builder can also have first-party products. It was true with Windows.It is true, uh, with, uh, the, the SaaS side and the cloud side as well with us and others and so on. But the thing that is, is it should not be a limiter to other people achieving that same success, right? That I think is the core difference, which is the, the network effects this time around, around intelligence are such because they learn from data, and not really lots of data.It's just a few samples that you have to see to understand what's novel about something. So that's why the game becomes how to protect. So that's why I would say every company, having private evals may be the biggest IP, right? Think about it, like what's that private eval that you can then use even a frontier model to hill climb on and not leak the traces may be one of the biggest [00:12:00] drivers, uh, of IP.Like, so in other words, another te- acid test is you have an eval that's private. You're using, uh, a g- a Model A. Can you switch it to Model B and e- you know, climb up? If you can, then you're in control. If you can't, you're not in control, and that's where even the harness decision becomes super important, right?swyx So therefore, having an open harness, letting all models come in, having your evals, your context, your tools help you hill climb, I think is the skills that an AI native startup needs, a SaaS company needs, or every enterprise needs. Yeah, I think in, in a very real way you are ... Microsoft historically is an operating systems company and th- then become a cloud company.Maybe like the third act is that you're a harness or evals company. Whatever w- ... whatever the, the sort of conglomerate of concepts that you wanna put together. Um, and, and I think like enabling every company to have like frontier intelligence or what- what- Yeah ... I forget the, the [00:13:00] exact term that you used, um, is the, is the mission, right?Satya Nadella: That's it. Like that is, that is the platform promise, that you build with us, you will get your intelligence, uh, for your data. That's it. That ... To, to me, that is the ... Like if there was one tagline, uh, for this entire developer conference is- Can everybody operate at the frontier with their frontier intelligence, right?To me, that is so important because otherwise it, I, I don't know how you achieve stable equilibrium, right? Which is how do I then go and say, “Well, my company is gonna have a terminal value because I now know how to continuously compound-” Yeah ... on top of what's a platform that gets better,” right? So when, like Windows obviously came out, Adobe built, Autodesk built, uh, or even like take what Jensen said.We built DX and he built, you know, CUDA on top of it. Um, right? I mean, I always say to Jensen, “God, I got the short end of that,” right? “I wish, uh, we had recognized it.” But nevertheless, but that, that idea that you can build a platform layer [00:14:00] that someone else can then extend out, um, and build their own intelligence layer in this case, I think is everything, right?Without it, why have a developer conference? I can just come and have you all sort of just worship at the altar of one model. Yeah. But that's not a developer conference. Uh,IP, Evals & Company Valueswyx: backstage we, we had a discussion about what is IP or what is the, the value in a company. It used to be the length of, uh, human experience at a company, and now it's this other thing which is the evals, the, uh, experience in sort of applying agents to the company. Can you... I just want you to like flesh that out a bit more ‘cause- Yeah ... it was very insightful.Satya Nadella: It's a great way to frame it, right? Because yeah, at the end of the day, every company is gonna have both the human capital that is still gonna be super valuable, uh, because humans, uh, and their ability to find the gaps that exist at all times is going to be the way we all will create value, right?I mean, so I'm definitely in the camp that this is going to be about expressing new forms of human agency and ambition even as token capital goes up, right? So let's say a cor- any corporation [00:15:00] has lots of tokens and lot of human capital. The question is how do you compound the two? So if you have a... Like if you take in Teams I have a bunch of agents doing work and a bunch of humans doing work, and the traces between those, that is really important context of how that enterprise is creating value.Then that goes back to train not a generalist model, but to train the company veteran agent, uh, right? That is super valuable again, right? Which is when a company goes says, “It should in fact go onto the balance sheet,” is how I think about it, right? That's so... In fact, there may be... Like human capital was never possible to go put on a balance sheet, uh, because you didn't know how to capture the tacit knowledge.swyx: Whereas now I think you can with the agents that have learned through the h- through, through time, through all the traces. Uh, so that's what at least we think will happen. I, I think the SEC is gonna have to have accounting standards- ... for token, uh, expertise Uh, y- y- you're talking about the equilibrium [00:16:00] state, um, and a stable equilibrium where companies have this compounding value and can see terminal value for themselves.Future of SaaS & Business ModelsSarah Guo: Another challenge to, you know, the considered equilibrium of, okay, there are applications and workflows that are sort of common to a vertical or a horizontal. Um, and this was, like, the generation of SaaS companies and, you know, Microsoft has lots of SaaS properties as well. And then there are things that are very specific to every enterprise that they're differentiated against.Elad Gil: Um, I'm sure you have heard much and participate in much of the debate about the end of software because all these workflows are, are cheap to generate now. Um, do you think the equilibrium looks different between what agents get built- Yeah ... in enterprises versus in their vendors in the future? Yeah. So I think what's happening there is, see, we, we had a particular way we captured, um, I would say workflow in apps, right?Satya Nadella: Because we built a, a data model, right? We schematized some part of some business process. Mm-hmm. We then built a bunch of business logic. Yep. And then we put a bunch of UI [00:17:00] on top of it, right? So that's kind of what every SaaS company- And a little configuration. For, like, 20, 20 years that was the plan.Right, that- Yeah ... and that was it. So interestingly enough, now you kind of get to re-litigate that vertical stacking, right? So I still think, for example, that data model that you built underneath every SaaS application is super good, right? Like, why reinvent it? Like, I, I, my general ledger better be a general ledger.I don't need new schema creation. No. Uh, in fact, that entity relationship, uh, is actually pretty good, robust thing that I want to feed. And you want it to be stable. That's right. Yeah. Then same thing with business logic, right? If, if you look at, uh... We have this product called Power BI, right? It is like dashboards galore people created.The beauty underneath that dashboard is a very rich semantic model, right? Someone took the pain to create a dashboard and do all the measures, and you want that. That's business logic, right? I want that to be available to me. So I think the [00:18:00] challenge of the SaaS business model is we packaged one way. We now have to learn how to unbundle these things and rebundle in new ways and discover new business models, right?I mean, if you look at it, d- what's happening today with Microsoft 365 is a great example, right? We have this thing called Work IQ. In fact, like, what we are realizing is, oh my God, like, you know, if you look at... In fact, there's a pa- historical parallel too, right? We sold first Exchange and SharePoint and, uh, you know, before Teams, we had a thing called Lync Server and what have you, and we thought, “Oh, that's all gonna move to the cloud.”But little did we realize that, um, the number of people who will use servers in the cloud is 10X, 100X, right? Because people were not buying servers, they were just buying a subscription. Mm-hmm. The same thing is now happening with M365 because with Work IQ, we have exposed what is perhaps the most important database in a company that never got used as a database because it was only captive to our apps.Mm-hmm. Right? It, it was all email operated on it, Teams operated [00:19:00] on it, Word, Excel, PowerPoint, SharePoint. But now, like this is one of the coo- coolest things I get to do with Work IQ. I go to a GitHub repo and I say, “Hey, I attended a bunch of design meetings last week related to this repo. Can you capture all that and tell me what changes I should make?”I mean, think about that, right? It literally can go look at all those transcripts, come back with a plan to change a code base, right? Previously, you could never have thought of using M365 for something like that. So the value creation opportunity now in the agent world is in fact 10X more, but it does require us to have...Sarah Guo: For example, there's going to be usage around M365, right? Which is going to be perhaps more than even the e- end users and we have to even re-architect. Like, in fact, like what I use to serve an inbox or a mailbox cannot be used to serve an agent. Uh, and so that's sort of what we are doing.Pricing Models: Per-User, Consumption & OutcomesSarah Guo: I don't believe in, like, permanent business models for any of these domains, but in the [00:20:00] near term, do you have a prediction between, uh, you know, outcomes-based pricing, token-based pricing?Elad Gil: Enterprise bundles Yeah. The way I- I think about this is always we've had... Like, let's even take the per-user pricing. Mm-hmm. The per-user pricing is really an artifact of someone creating a budget needing certainty, right? Because it's the most important thing. Like, somebody wants a budget- Mm-hmm ... they need a per user.Satya Nadella: And, and per user is just a set of entitlements to usage, right? That's kind of what it is. And so the way is, if the first bundling will be take some usage, bundle it into per user stacks and, you know, then sell subscriptions. So subscriptions I think are gonna be there, per user is gonna be there. Then the next big thing will be consumption.So people will say, “I want consumption.” And it's also possible that people will say, “I don't even want to pay for any of the subscriptions or the consumption's outcome.” Mm. But remember, most people love outcomes until they have an outcome, because once you have an outcome, it's like giving away royalty, [00:21:00] right?Mm. I mean, like I, I've talked to customers who love, you know, outcome-based pricing, and I say, “I'm all in,” until they, “Oh my God,” like, “what are you talking about? You're sharing in my outcome? No, no, no. I want you to go back to per-user pricing, and I want you to consumption price,” right? So I think that debate will go on.Uh, but and all, all, all of these business models have a particular time and a place versus one to rule them all. And if anything, if you're a SaaS vendor or you're a platform vendor, having that flexibility... And quite frankly, we face this with GitHub, right? We just recently announced a per-user pricing on GitHub because little, you know, we- GitHub Copilot was constructed at a per-user level before we understood even, uh, the intensity of usage of agents, right?It was an interactive way for a developer to use code complete, maybe tasks. It was not like, oh, I launched 10,000, you know, agents that are going on all day, right? So that is what the adjustment is about. So now that we really want, there will [00:22:00] always be a per user, but there will have to be a consumption meter.Durability of SaaS & Build vs BuySarah Guo: How do you think about the durability of SaaS more generally? One thing I've observed is in a lot of enterprises internally, there will be teams that almost have agent euphoria. They're so excited about the explosion of things they can build that they're trying to rebuild a lot of applications or going to their SaaS vendors and saying, “We're not gonna work with you anymore,” or, “We're considering an internal project.”And it seems like in six to nine months, maybe some of those people will come back and say, “Actually, we, we can't rebuild everything.” How do you think about what's durable in this world and what isn't? Yeah, it's a... It... I think we have to go through one full budget cycle on this to really see the, um- Uh, the sort of the emergence of the equilibrium, because at the end of the day, there's marginal cost to even generating the app, right?Elad Gil: In, in fact, there can be even a, a simple way to say it, like if you should always acquire something if the marginal cost of building and maintaining, uh, something on your own is higher. Uh, right? That should be like it's a quantifiable- Yeah. Right? A quantifiable thing. And [00:23:00] the maintenance part is important, right?Even, like you got to remember like, hey, you know, all the security stuff that now AI will find, you better fix them too fast. Uh, of course, there's a coding agent to help you with, but then that burns tokens, right? So whose responsibility is it? It's kind of like a, a cycle that you've got to think through.And I think we have gone through the excitement that I can generate a lot of software. I think the next thing would be what software do I really want to generate? Mm-hmm. What software do I want to use from others? How do I compose these two into some agentic workflow that I have agency over, right?Sarah Guo: Because I think there'll be very little tolerance for anybody who's inflexible, uh, at the vendor level. Uh, but at the same time, I think that anyone who has got that flexibility shows up, delivers the value, will be back at again, right? We're selling software, uh, but with just different business models, in fact Uh, speaking about building software, um, one of my favorite moments from, I think, a previous build maybe one or two years ago was they had a b- they, they...Swyx: There was a section of you building your [00:24:00] own software. I'm curious if you're building anything now. Yeah. So I, I think the... You know, first of all, let's face it, right? Building software has made it possible for even the incompetence of a CEO of a company- ... like ours, uh, you can build, so thank God. But that said, I, I, I, I do feel that, you know, something like, um, GitHub Copilot to me, and especially the new Sessions app or the new app, has just made it so much more possible for you to have agency over artifacts that you felt you couldn't touch before, right?Satya Nadella: So to, for me as a CEO, even to go to a code base, uh, to be able to learn about it, like I remember joining Microsoft long back, you know, first and then you say, man, everybody had to go in and look at, you know, whatever, Cutler's, Malik, or what have you to learn how to do good C, uh, C++ code. Um, so now that ability to be more full stack up and down is so good, but that doesn't mean every one of us should be doing the same thing.The question is: [00:25:00] how do you then have the ability to inspect things, learn things, see things, um, I think is just so much more. And so to me, what I'm building a lot of is these long-running Foundry agents. Uh, right? So there's autopilots. So the easiest thing is, to me, I think I just built one, uh, even last week, where the idea was, hey, can I have an agent that is continuously monitoring essentially my own chief of staff autopilot, right?We're gonna have that obviously in, uh, Scout. That's what, uh, uh, we showed. But it is so easy and trivial to build. I took Work IQ. I said, “Take Work IQ, go, uh, and build a Foundry long-running agent.” Uh, store all the memory in, um, uh, using Ray Fin, right? Basically at my backend as a service. And lo and behold, it built it, and not only built it, I could say publish to Teams, and it published the damn thing to Teams.Sarah Guo: So the ability, uh, to have a, you know, some end-to-end project like this complete is just pretty [00:26:00] miraculous. How do you think, uh,Future Engineering RolesSarah Guo: that impacts the different types of engineering roles that exist in the future? Because right now I think there's, you know, a dozen different types of engineers that you can be, from QA, front end, et cetera.You know, there's a big swath. I've heard some people argue that in four or five years we'll basically end up with four engineering roles. It'll be people who are managing agents, it'll be four deployed engineers or FDEs, it'll be security engineers, and then people working on large scale infrastructure for a small number of services, and then everything else just collapses into the agentic world.Satya Nadella: Yeah, I- Do you think that's a correct view of the world? Yeah, I mean, I think, I think we'll have to experiment our way through it. But what you said is what... There are some very at scale things. At LinkedIn, they did structurally change- Mm-hmm ... uh, and it, you know, basically built up a new discipline called full stack builder, right?So they went and said, “Hey, let's bring, uh, people from design and product management, front end engineering, all put them together.” Uh, but also have an edge, right? It's not like the design person still doesn't have the design edge, or the front end [00:27:00] person doesn't have the front end edge, but you can give yourself bigger scope in roles so that you're not confined to one role.Um, and then r- equally, infrastructure has become very critical, right? So in other words, like, I mean, RLEs, I mean, one thing we've realized is even for the Excel team, for example. Mm-hmm. Building the RLE in which a reward can be learned is actually one of the hardest sort of infrastructure problems.Mm-hmm. Uh, and so you kind of need even new talent, right? Distributed systems people even in what was considered an end user app team, uh, because it's a different skill set. So yes, infrastructure, science is the other one, obviously. Um, so I think we'll see how these evolve, right? Where's the s- real... I mean, always the world will have a bunch of specialists.Okay. Um, you know, I think the generalist role is going to be the most exciting, right? Because the leverage of a generalist- Mm-hmm ... um, is where we are going to see the maximum returns, right? When, when you said, “Hey, are you coding?” I'm now a gen- Like, what... I've basically translated [00:28:00] knowledge work Right?Which I did, where I created a Word document or a spreadsheet, or even, uh... And now I can build an app, right? It's in the same sentence. Uh, right? That idea that, “Oh, wow, my generalist skills have gotten higher leverage,” I think is what we're gonna see across the board. Music to the ears of CEOs and VCs that are, like, a little dangerous and a lot of- Golden age for idea peopleSarah Guo: idea people. Yeah. Uh- With a lot of agency. I- if you take that idea of personal agency and you just zoom it out to the organizational context, um, uh, my partner Mike Renall, who, uh, actually started his career at Microsoft, just wrote an essay where one of the big takeaways is i- it's an age where you can be much more ambitious, and you need to be, given the pace of the environment and how quickly, actually, users and companies are open to adopting new technologies.Satya Nadella: Um, how do you think about... I, I feel silly asking this of somebody running a, you know, trillion-dollar-plus company already, butAmbition & Making the Impossible PossibleSatya Nadella: how do you think about how Microsoft can be more ambitious now? It's a great question. Um, I [00:29:00] think, um- I think the, the thing in these type of transitions is to have a conceptual model of how work can change to go after outcomes that you could hardly imagine previously, right?In fact, Kevin Scott has this nice line, right, which is, um, when you can make the impossible... Like, when you're making hard things easier, that's sort of one point of leverage. But true ambition is about making the impossible possible. So now the thing that is missing a little bit in all of our organizations is what is that new conceptual model of what can we build?What was impossible and what can we build? And I'll give you one example of this, right, which is I take great inspiration from sort of the people who were managing the Azure net- network. And they came to the... This was from even last year. You know, we were scaling. You saw that I, I [00:30:00] talked about sort of how we built in the last 15 months more Azure capacity than we built in the first 15 years.I mean, it's crazy. Wild. Yeah. Right? It's pretty wild. And it's the same team. So they saw that and they said, “Bob, this just ain't gonna work if we don't reconceptualize our work.” So they built... Essentially they said, “Our job is not to do Azure networking. Our job is to build the agentic system does, that, that does Azure networking,” right?These are the folks managing the 500-plus fiber operators managing the VAN, right, all over. And fiber operations ultimately is a physical operation. Things get cut, things get, uh, you know, have to be repaired. You know, we have fancy words called DevOps and so on. Basically, emails are coming in and you gotta go respond to them, take care of it.So they built this agentic system. They even have a character for it. It's called Miles, and it sort of does all this stuff, right? They started sort of screaming for more tokens and so on. And so they were saying, “Look, uh, we don't need a headcount. We need tokens in order to be able to [00:31:00] manage, uh, our operation.”That reconceptualization- Mm-hmm ... of what their work is, right? They, they basically took their work and made it meta, right? That meta work is now their new work. Mm-hmm. Right? In the ‘80s, if somebody had come to us and said, “4 billion people are gonna get up in the morning and start typing,” my model would've been, we need 4 billion typists?But we're not doing typing, we're doing knowledge work. So that, to me, I think is it, right, which is whether it's Microsoft or whether it's any organization, is to give ourselves permission to do new types of metacognition, meta work, using these new tools to change the outputs that matter, uh, and then really make the impossible possible.Sarah Guo: So completing that dot or the, the connective tissue across those, I think, is where a lot of the enterprise value will get created.Data Center Build-Out & Community ImpactSarah Guo: Should we talk about data centers? Yeah, please ask. Oh, okay. Well, uh, uh, w- we-- this leads nicely into the data center build-up. I always think, I- I just-- I'm just impressed at the sheer scale of the [00:32:00] build-out from Microsoft, but also everyone else, that this is redefining what it means to be a hyperscaler.And I just feel like that, that, that is at unprecedented scale on finances, uh, on the way you run the company, but also the communities that are, that are impacted. Um, yeah, just talk a bit more about what you're seeing on the ground, like when you visit your- Yeah, I think there are two aspects of it.Satya Nadella: Obviously, the, the build-out is, uh, extraordinary. Um, you know, nothing like this has happened, and it's great to be, uh, one of the participants in it. Uh, but you brought up the other part, right? I think at this point it's clear that unless we as an industry, uh, are very principled about ensuring that the benefits of all the stuff we're talking about are felt in real ways, uh, at the community level, right?Because this is not just a, a campaign, um, right? It has to be real, where people are saying, “Look, this is not ch- changing the prices on energy for me.” In fact, if anything, it's bringing down prices because long term there's going to be a better [00:33:00] grid, there is going to be more energy. Water consumption is, in fact, not sort of, uh...In fact, water is being replenished, right? You gotta really, you know, educate folks on truly what's happening, the cl- uh, the closed loop systems we are building. We have to invest in the training, the jobs, the tax base. In fact, the least talked about stuff is the amount of jobs that get created during construction, after construction.What's the tax base that's there in the community? And, and all this has to be real. Um, and, and if that is the case, then we will have permission. If it is not, we won't have permission. It's as simple as that, right? Which is, uh, we, we... I think we have to take it as an industry pretty seriously. Uh, I think it's good for communities to be skeptical, ask the hard questions, for us to do the hard work, earn that.Um, but at the end of the day, if there's-- if we can really be the produ-- Wait. I've always felt like in human history, if you use a lot of energy but also create a lot of value for society- The story has been fantastic. If you don't [00:34:00] do that, it's not been that great. And this time around, I'm a firm believer that ultimately if you do have a token economy that drives productivity, that drives economic growth, that drives broad spread, um, you know, participation, better health outcomes, um, then I think we'll be in a great place.Sarah Guo: Uh, and that's at least what we all have to be focused on. Yeah. It, it makes me think actually that with all these initiatives that you're doing, might be e- easier to see ROI in the communities first before in enterprise. Yeah. I, I mean, I think both sides. Yeah. In fact, it comes back together. It has to be the people in the communities are going to be employed, are going to be participants, uh, in the real economy, right?Satya Nadella: That's I think the question is. Like, if we- if the broad economy is doing well and the communities are doing well, the dots get connected. It's sort of the market forces are such that we will connect the dots. And that I think is it. Like, you ought to be able to see the evidence. You can't be about o- any one company, uh, but it has to be broad economic growth and broad [00:35:00] ec- you know, community permission.Elad Gil: Yeah. I guess I wanna talk aboutSocietal Impact & Optimism About AIElad Gil: what you're most optimistic about currently or what have you most updated your personal models on regarding societal impact of AI? So you're saying what's the, the, the- What have you updated most on in terms of societal impact of AI? Yeah. I think the, um, the p- the most, um- Critical thing is the first question we even started with, which is we need to tell the story and make it real that everybody has a real shot to participate as a first-class participant in this new economy.Satya Nadella: Right? That's kind of, I think we- in the next 12 months, 18 months, we need a way for people to say, “Oh, wow, I get it.” Right? There's going to be tremendous capability, tremendous amount of infrastructure, but I can see what is going to happen, whether it's the benefits like health outcomes or my ability to create a startup or my ability to run my [00:36:00] local sort of, uh, store more efficiently.It's just happening, and I see that, uh, benefit myself, right? That to me, you know, earning that permission in a path-dependent way, we can't wait. See, the one thing, Eli, that I've now learned is I think the world is gonna be very skeptical of tech and tech companies that say, “Trust us, we've got it. The g- future is gonna be glorious.”Sarah Guo: Uh, you kind of have to deliver tangible benefits. Um, and quite frankly, politicians winning elections, uh, because they have advocated for that. That will be at least my adjustment because without it, um, thinking that somehow... Because it's too important this time around. It's too much of the economy for it not to be the case So one very simple framework I have for, you know, what are, what is gonna be the broad benefit of AI, um, beyond the communities just working in technology, are, are sort of wealth creation- Yepit's [00:37:00] gonna happen in a ton of different companies, startups and large companies. Then you have healthcare. Uh, you, you had amazing demos today. There are companies like Open Evidence. I think that is happening. Um,Education & Future of LearningSarah Guo: education seems like another one that's an- Yep ... obvious good where we haven't seen as much impact as I'd expect.Swyx: Do you have a hypothesis on why that might be, or if it'll come? Yeah, I mean, I think this is where, again, how we think about education, how... You know, recently I met with, uh, the founders of Alpha School and learnt a lot about what they were going and going about, and it's fascinating to listen, uh, to how to even rethink- MmSatya Nadella: uh, what does education really look like. Because I think it's actually very important. Mm. Uh, and I'm not saying anything traditionally being done is less important, right? I was even looking at the, uh... It's fascinating to see. I, I, I forget the which Stanford class it was, uh, the, the Asian guidelines for CS something.Mm. Uh, because you still need people to learn. Uh, like it was an interesting AI class that they were making sure people were learning how to apply softmax appropriately versus saying, “Hey, fix my training run.” Mm-hmm. Uh, so I think learning concepts is important. It's going to [00:38:00] be, uh, critical. But the way we create the incentives, what are the credentials, how we value those credentials, what is the employment opportunity for those credentials?So I think that there's a complete change that has to happen, uh, given the way to get to information, way to educate yourself, way to continuously keep yourself updated has changed so much. So I think interestingly enough, maybe the next big startup and success story could be someone who builds a new university, um, or a new, um, pedagogy even of how to get someone to go through a curriculum and find economic opportunity, uh, that's highly valuable.Well, that has felt, uh, perhaps impossible for a long time, but it's a great note to end on and something that might be possible. It's still possible. Yeah. Thank you, Satya. Thank you so much. Thank you. Yeah. I appreciate it. Thank you all. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.latent.space/subscribe

In this 100th episode of Swimming with Alligators, Earnest and Alexa dive into how emerging managers and VCs can truly differentiate in a world where everyone shows the same logos and track records. They unpack why LPs increasingly care about who actually sourced and led deals, why personal differentiation matters more than over-explaining strategy, and how consumer investing is quietly coming back into favor. They explore the limits of “AI strategies” that are more theater than edge, the shifting career paths for 30–40-something VCs, and whether the popular barbell approach to venture (tiny funds + megafunds) still fits a rapidly changing market. They also discuss how diligence is evolving, why moats now look more like trust, data, and distribution than pure tech, and what a wave of large IPOs could mean for angels, new funds, and early-stage competition. Highlights from this week's conversation include: Celebrating 100 Episodes and DDQ Format (0:33)   Differentiation in Fund Decks and Shared Logo Problem (2:12) Why Sourced vs Led Matters and Back-Channel Relationships (3:56) Overemphasis on Strategy vs True Differentiation and Team Cohesion (6:25) Pressure to Go Public, Headaches of Being Public, and Lawsuit Risk (10:14) OpenAI, Anthropic, SpaceX, and Logic of If They Do It, We Have to Do It (12:26) Enterprise VCs Moving into Consumer and Founders Rethinking Moats (14:11) Distribution, Brand, Trust, and Proprietary Data as Defensible Moats (16:25) Google, Personal Data, and Unseen Costs of Using LLMs (18:15) LPs Asking About AI Strategy and Congruent Use of AI Tools (20:44) Start ,Bench, Cut, Trade, and Suspend for 30s and 40s VCs (24:46) Allocators Following a Barbell Approach and Conventional Wisdom (27:11) LPs Diligencing Firm Strategy, Hiring, and Seed Creep at Large Funds (34:56) Audience Q&A Segment Introduction and Contact Information (37:13) Tinkering, Experimenting with Workflows, and Evaluating AI Tool Impact (39:07) Durability of Business Models, Trust, Distribution, and Manufactured Momentum (41:02) Post-IPO Talent Leaving, Mafias, and Angel-Backed New Founders (44:11) Closing Reflections on 100 Episodes and Looking Ahead to the Future (46:24) Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies.  The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only. Learn more about your ad choices. Visit megaphone.fm/adchoices

How did HG Ventures quietly become one of the most active water tech investors on the planet, without even calling itself a water VC?HG Ventures is the corporate venture capital arm of The Heritage Group, a 100-year-old, family-owned Indianapolis conglomerate active in asphalt, quarries, environmental services and specialty chemicals. With $350M in assets, the fund deploys around $50M a year across 41 portfolio companies and 7 sectors, and ranks 5th globally in water tech by deal count despite water being only 18% of its thesis.Ginger Rothrock holds a PhD in chemistry from UNC Chapel Hill, co-founded the NASDAQ-listed pharmaceutical company Liquidia, was promoted to Managing Director of HG Ventures in December 2025, and is a Global Corporate Venturing Rising Star and Kauffman Fellow with deep expertise in industrial water, industrial wastewater treatment, and corporate venture capital in cleantech.

Mike Collins is the Founder and CEO of Alumni Ventures, a leading venture capital firm that enables individual accredited investors to access diversified venture portfolios and co-invest alongside top-tier VCs. He is a serial entrepreneur and experienced venture capitalist who has founded multiple companies, including Kid Galaxy, Big Idea Group, and RDM. He also launched Green D Ventures, Alumni Ventures' first alumni fund, where he oversaw the portfolio as Managing Partner. Mike has spent his career helping investors and entrepreneurs build innovative, high-growth businesses, and holds degrees from Dartmouth College and Harvard Business School. In this episode… What does it really take to succeed in venture capital, where uncertainty is constant, and failure is often part of the process? What separates investors who consistently build strong portfolios from those who don't? For Mike Collins, a seasoned venture capitalist and serial entrepreneur, success in venture capital comes from focusing on people over pure ideas and building disciplined, diversified portfolios to manage inevitable risk. He highlights that early-stage investing is less about certainty and more about judgment, trust, and pattern recognition developed over time. A key takeaway is that long-term success stems from striking a balance between conviction and humility and accepting that many investments will fail while a few yield outsized returns. He also emphasizes the value of co-investing and leveraging a global investor community to expand access and insight. In this episode of the Inspired Insider Podcast, host Dr. Jeremy Weisz sits down with Mike Collins, Founder and CEO of Alumni Ventures, to discuss venture capital, portfolio building, and entrepreneurial lessons. They talk about betting on people over ideas, managing risk through diversification, and lessons from sports and investing. Mike also shares insights on co-investing strategies and democratizing access to venture capital.

DAMIONCarnival Corporation's data breach exposed personal data of nearly 6 million customers: An April social engineering attack on an employee account compromised names, dates of birth, and government-issued ID numbers. WHO DO YOU BLAMESkills: Technology & Cybersecurity: Experience with information technology and cybersecurity matters is increasingly important to mitigate the risks our business faces, promote innovation and maintain a competitive edge in a rapidly evolving technological ageLeast represented 5/11CEO Josh WeinsteinNO: at Carnival since 2002, started as General CounselSir Johathon BandNO: First Sea Lord and Chief of Naval Staff, the most senior officer position in the British Navy (2006 to 2009, when he retired); Admiral and Commander-in-Chief Fleet (2002 to 2006); Served as a naval officer in increasing positions of authority (1967 to 2002)Jason CahillyNO: CEO Dragon Group LLC, provides capital and business management consulting and advisory services worldwide; The NBA: CFO & Chief Strategic Officer; Goldman Sachs: Partner; Global Co-Head of Media and Telecommunications; Head of Principal Investing for Technology, Media & TelecommunicationsNelda ConnorsNO: CEO/Chair Pine Grove Holdings, a privately held investment company; CEO Atkore International, manufacturer of electrical, safety and infrastructure solutions; VP Eaton Corporation, electrical and automotive supplierLaura WeilNO: Founder Village Lane Advisory LLC, specializes in providing executive and strategic consulting services to retailers COO New York & Company, women's apparel and accessories retailer; CEO Ashley Stewart, women's apparel retailer; CEO Urban Brands, apparel retailer; COO AnnTaylor Stores, women's apparel retailer; CFO American Eagle Outfitters, apparel retailerAudit Committee: Oversee management's risk assessment processes to identify principal and emerging risks, including financial, IT, cybersecurity and non-HESS operational risksLaura Weil*: NOJason Cahilly: NOJeffrey Gearhart: NOWalmart Corporate Secretary and lawyerStuart Subotnick: NOCEO at Metromedia Company, wireless/communications, until 2010; Carnival director since 1987 Health, Environmental, Safety and Security Committee: Oversee management's processes to identify principal and emerging health, environmental, safety, security and sustainability-related risks, including those related to ship operations and cybersecurity, RAAS health, environmental, safety, security audits, IAG and external investigations into significant ship incidents, and health, environmental, safety, security-related hotline complaints, and assess the steps management has taken to minimize such risks.Sir Johathon Band*: NONelda Connors: NOHelen Deeble: NOFormer CEO P&O Ferries Division Holdings, shipping and logistics businessKatie Lahey: NOExecutive Chair Korn Ferry Australasia, leadership and talent firmMicky Arison (75%): Exec Chair and former CEO and 7% stockholderThe CEO Pay Ratio1,063:124 retail CEOs made as much in a day as their typical employee earned in a year — and a big one didn't. WHO DO YOU BLAMEThe separation of CEO and Chair: Hamilton E. James Chair/Ron Vachris MMNot uniqueOnly 50% of the board is men. WTF?uniqueOne share = one voteNot uniqueState of HQ = WashingtonAlso StarbucksState of Inc = WashingtonAlso StarbucksPledge of allegiance to stakeholdersCostco generally has: Higher wages; Better benefits; Lower turnover; Higher sales per employee.Industry-leading employee compensation AND Self-imposed low-margin pricing philosophyWalmart only low-margin pricingOther comps:Todd Vasos of Dollar General, Shane O'Kelly of AutoZone, Gerald Morgan of Texas Roadhouse, Jack Sinclair of Sprouts Farmers Market, William Stengel of Genuine Parts Company, Michael Creedon of Dollar Tree, Ronald Sargent of Kroger, Lauren Hobart of Dick's Sporting Goods, Joshua Kobza of Restaurant Brands Inc., Kecia Steelman of Ulta Beauty, Scott Boatwright of Chipotle, Ted Decker of Home Depot, Bob Eddy of BJ's Wholesale Club, Corie Barry of Best Buy, James Conroy of Ross Stores, Chris Turner and David Gibbs of Yum Brands, Chris Kempczinski of McDonald's, Marvin Ellison of Lowe's, Brian Cornell of Target, Ernie Herrman of TJX Companies, Doug McMillon of Walmart, Brian Niccol of Starbucks, Hal Lawton of Tractor Supply Co, Laura Alber of Williams-SonomaFigma Gets an Activist Investor. Exhibit A on Why Companies Don't Want to Go Public. Figma's first year as a public company hasn't gone well. Findell Capital Management said it needs to take steps to shed its unwarranted reputation as an artificial-intelligence “loser.” WHO DO YOU BLAME?Figma founder and CEO Dylan Field: Owns 10% of shares but 72% of voting power: Class B shares worth 15 votes per shareDylan owns 158 Class A Shares (or 0.00003556% of 444,278,887)And Chair$5B net worth$865M total summary compensation in 2025; $91M in 2024Nominating Agreement:Figma must nominate Dylan Field to be a director and include him in the proxy statementThe company must use its resources to back him up and actively convince other shareholders to vote for him In response to a question about how he was going to change the world, Dylan said he was going to build better software for drones.Bro fest sausage party2 of 9 directors are womenTop 5 NEOs all dudesPeter ThielForced Dylan to drop out of Brown for a dumb fellowshipVC Blowhardiness on the BoardVC dude John Lilly (Greylock): Lead Independent Director2nd longest tenure (2014)Member of the Audit Committee; Member of the Nominating Committee (only Lilly and Rimer)VC dude Andrew Reed (Sequoia)Director at debt-maker Klarna Group (also way down since IPO): down roughly 54% from its initial $40.00 IPO price, and down nearly 68% from its all-time highMember of the Compensation Committee (which modeled Dylan's pay package after Elon Musk)VC dude Danny Rimer (Index Ventures)Director since 2014B.A. in History and Literature from HarvardMember of the Compensation Committee (which modeled Dylan's pay package after Elon Musk)Member of the Nominating Committee (only Lilly and Rimer)Luis von AhnDuolingo co-founder and CEO2025: shared an internal email outlining Duolingo's new "AI-first" strategy where Duolingo would “gradually stop using contractors to do work that AI can handle”Stated that "AI is a better teacher than humans" and that the future role of teachers would be reduced to providing "childcare."Blamed the controversy on a "lack of context" in his original statements"AI-First" memo goes viral: $389; today $118MATTDanone, Starbucks shine in methane-reduction rankingDanone is the only company in the group aligned with the Global Methane Pledge, an initiative backed by 150 countries that targets a 30 percent reduction in global levels of the gas by 2030. The French multinational also leads the pack in progress toward its target, having come close to hitting it five years ahead of schedule.WHO DO YOU CREDIT?Chair of the CSR committee Lise Kingo (9% influence), one of three directors tagged as merit directorsmaster's degree in Responsibility & Business from the University of Bathbachelor degrees in Religions and Ancient Greek Artbachelor's degree in Marketing and Economicscertificate as International Director from INSEADEx Novo Nordisk environmental affairs, internal audit, compliance, human resources, communication, branding and sustainabilityHelped create the UN SDGs and the UN Global CompactSomehow only bats 559 on carbon intensity (career) and 415 for scope 1/2 (career)Also, using deference metrics, the ONLY DIRECTOR tagged as fully independentEmployee rep member of the CSR committee Bettina Theissig (5% influence) and the employees of DanoneThe committee charter mandates employees get a say: At least two thirds of the CSR Committee must be independent, as defined by the AFEP-MEDEF Code. At least one Director representing employees must be a member of the Committee.In France (Danone's domicile), the European Investment Bank found that French employees were the most aware of environmental issues - 82% of French employees said they were highly concerned about environmental issues, highest in EuropeLead Independent Director and chair of the Nom/comp committee who put together the comp plan, Valerie Chapoulaud-Floquet15% influence, second to the 18% influence CEO (democracy!!), got 99.16% shareholder approval in April (even as CEO got 89.73% approval and pay got 93.19% approval)20% of short-term pay and 30% of long-term pay is based on hitting sustainability targetsWhen you pay a CEO to do a thing, they are more likely to do a thingEx-CEO Emmanuel FaberOusted in 2021 by the board of directors and activist investors, he transformed Danone into an “enterprise a mission” (a French version of a B corp)Investors voted 99% in favor of the move and a year later ousted Faber, the board resigned, and the new board and CEO are basically moving back towards being environmental leaders because it paid offShort term share price laggedHe said in 2024 that nature is “at the core” of Danone, It took the stock 3 years from Faber's ousting to return to Faber levels - and in the meantime, they were sued for plastics and emissionsIsn't this HIS win?Current CEO Antoine de Saint-AffriqueBecause CEOGM Board Director Jonathan McNeill Stepping DownCEO of DVx Ventures. Ex COO at Lyft Inc. and ex president, Global Sales, Delivery and Service at Tesla, current director at Lululemon, GM director since 2022, on the Governance and Corporate Responsibility committee and Risk and Cybersecurity committee.We know that half of boards on average think someone on the board should be replaced - did the GM board not like McNeill?WHO/WHAT WOULD WE BLAME FOR PUSHING MCNEILL OUT?Outsider dude bro DRLet's be honest, McNeill worked at much more… modern?... companies than GMThe board is OLD SCHOOL - ex Northrop Grumman, ex Visa, ex Lazard, ex HP, ex eBay, ex Novartis, ex Walmart, other directorships at Goldman, Huntsman, P&G… these are professional, insular boardsMeanwhile, he's investing as a VC in AI, other auto/mobility startups, comes from boards that are bro founder lead (Tesla, Lyft) He's invested in AI, crypto, heavy tech, intertwined with VCs all overNot deferential enoughBarra is connected to 94% - THE ENTIRE - boardMcNeill has the highest network power on the board at $9tn, higher than even Mary Barra (who is super connected), but is NOT a power player in the board community of GM - the dominant board communities for GM are massive blue chip US companies, where McNeill has deeper connections in smaller IT/tech focused companiesHe doesn't need the pay, he gets nothing for the connections really, he has connection to Barra but his network is different - was he too independent?Pissed he doesn't have enough influence McNeill has the LOWEST influence on the GM board at 4%He's relatively new, younger, working as a VC where you have a lot of power of capital allocation“I don't need this shit” effect?Too many womenMcNeill's dvX ventures portfolio team is 6 dudes and 1 womendvX entire operations staff is two woman - guess what they do“Chief of Staff” (ie, HR)Executive Assistant (yes, listed on the team)Board is 2 women, 3 men (McNeill not on board)This one seems unlikely I guess?Too busy, meh, move onOne of dvX portfolio companies is curbee, with GM Ventures' Kurt Baumgarten on the board (and the dvX co-founder is founder of Curbee)McNeill on at least 3 of his portfolio boards or advisory committees, plus LULU and GM…

Listen and subscribe to Money Making Conversations on iHeartRadio, Apple Podcasts, Spotify, www.moneymakingconversations.com/subscribe/ or wherever you listen to podcasts. New Money Making Conversations episodes drop daily. I want to alert you, so you don’t miss out on expert analysis and insider perspectives from my guests who provide tips that can help you uplift the community, improve your financial planning, motivation, or advice on how to be a successful entrepreneur. Keep winning! Two-time Emmy and Three-time NAACP Image Award-winning, television Executive Producer Rushion McDonald interviewed Monica Cornitcher. Entrepreneurial journey, the inspiration behind Medase Cocktails, and the realities of launching, funding, and scaling a premium nonalcoholic spirits brand in a highly competitive market. Purpose of the Conversation The purpose of the episode is to: Educate aspiring entrepreneurs on how to build a differentiated consumer brand Demonstrate the importance of storytelling, market clarity, and operational discipline Highlight the growth of the nonalcoholic / zero‑proof beverage movement Inspire founders—especially founders of color—to own their niche, seek capital strategically, and scale intentionally. Key Takeaways 1. Business Built from Personal Need and Purpose Medase Cocktails was co‑founded by Monica and her lifelong friend during her friend’s battle with breast cancer, a time when alcohol was no longer an option—but celebration still mattered. The brand was created to allow people to celebrate authentically without alcohol It carries emotional depth rooted in friendship, gratitude, and loss Monica continues the mission after her co‑founder passed away in 2024 Lesson: Purpose-driven businesses create deeper emotional connection and long-term brand equity. 2. Differentiation Is Everything Monica deliberately rejected the “sparkling water with flavor” model common in nonalcoholic drinks. Her differentiators include: Authentic cocktail taste (Old Fashioned, Margarita, Moscow Mule) Organic juices, not artificial flavors Bold packaging that stands out on shelves Drinks designed to smell, taste, and feel like real cocktails Lesson: Competing on authenticity—not cost—is how you carve out market share in crowded spaces. 3. Brand Names and Stories Matter The name “Medase” means “thank you” and reflects gratitude, friendship, and emotional support. Monica emphasizes: Every flavor name, color, and product decision has a story A strong brand narrative creates curiosity, loyalty, and investor interest Lesson: People invest in brands they feel—emotionally, not just intellectually. 4. Venture Capital Is Not Just About Numbers While financials matter, Monica stresses that VCs also invest in founders and stories. What helped her secure venture capital: A compelling personal story Relevant founder skill sets (M&A, law, operations) Clear understanding of the market opportunity Lesson: Early-stage funding often depends on who you are and why you’re building, not just revenue. 5. Research, Planning, and Discipline Before Launch Unlike many food startups, Medase did not begin in a kitchen. They: Conducted a feasibility study Built a formal business plan Worked with a Black female food scientist Set strict personal funding limits before seeking capital Lesson: Preparation reduces risk and builds long-term sustainability. 6. Scaling Requires Operational Maturity As sales increased—especially on Amazon—Monica emphasized the need to move from “hustle mode” to operational excellence. Key scaling principles: Understand unit economics Track ROI for events and activations Adjust pricing as volume increases Build strategy across marketing, operations, and distribution Lesson: Hustle starts the business; operations grow it. 7. Niche First, Expansion Later Medase does not try to be “everything to everyone.” Core customers include: People seeking a break from alcohol Health-conscious consumers Black men looking for alcohol replacements Consumers wanting cocktail taste without hangovers Lesson: Strong niches create loyal advocates who fuel organic growth. 8. Smart Distribution Strategy Rather than rushing into retail, Monica prioritized direct-to-consumer channels: Amazon (top-performing channel) Brand website TikTok Shop Only after 6–7 months of traction did retail expansion become viable. Lesson: Control your margins and demand before entering expensive retail environments. Memorable Quotes “I wanted an authentic cocktail without compromise.” “Everything we do has a story behind it.” “Sometimes it’s not about the financials—it’s about the founder and the story.” “Don’t be everything to everybody. Find your market and stick with your market.” “Hustle starts the business, but operations give you scale.” “If it tastes too much like alcohol and you gave me a one-star review—thank you. That means I did my job.” Overall Message This episode is a real-world entrepreneurial blueprint showing how clarity of vision, emotional authenticity, disciplined planning, and niche focus can turn a personal idea into a scalable national brand. Monica Cornitcher exemplifies the modern founder:visionary, data-aware, emotionally intelligent, and unapologetically authentic. #SHMS #BEST #STRAWSupport the show: https://www.steveharveyfm.com/See omnystudio.com/listener for privacy information.

Listen and subscribe to Money Making Conversations on iHeartRadio, Apple Podcasts, Spotify, www.moneymakingconversations.com/subscribe/ or wherever you listen to podcasts. New Money Making Conversations episodes drop daily. I want to alert you, so you don’t miss out on expert analysis and insider perspectives from my guests who provide tips that can help you uplift the community, improve your financial planning, motivation, or advice on how to be a successful entrepreneur. Keep winning! Two-time Emmy and Three-time NAACP Image Award-winning, television Executive Producer Rushion McDonald interviewed Monica Cornitcher. Entrepreneurial journey, the inspiration behind Medase Cocktails, and the realities of launching, funding, and scaling a premium nonalcoholic spirits brand in a highly competitive market. Purpose of the Conversation The purpose of the episode is to: Educate aspiring entrepreneurs on how to build a differentiated consumer brand Demonstrate the importance of storytelling, market clarity, and operational discipline Highlight the growth of the nonalcoholic / zero‑proof beverage movement Inspire founders—especially founders of color—to own their niche, seek capital strategically, and scale intentionally. Key Takeaways 1. Business Built from Personal Need and Purpose Medase Cocktails was co‑founded by Monica and her lifelong friend during her friend’s battle with breast cancer, a time when alcohol was no longer an option—but celebration still mattered. The brand was created to allow people to celebrate authentically without alcohol It carries emotional depth rooted in friendship, gratitude, and loss Monica continues the mission after her co‑founder passed away in 2024 Lesson: Purpose-driven businesses create deeper emotional connection and long-term brand equity. 2. Differentiation Is Everything Monica deliberately rejected the “sparkling water with flavor” model common in nonalcoholic drinks. Her differentiators include: Authentic cocktail taste (Old Fashioned, Margarita, Moscow Mule) Organic juices, not artificial flavors Bold packaging that stands out on shelves Drinks designed to smell, taste, and feel like real cocktails Lesson: Competing on authenticity—not cost—is how you carve out market share in crowded spaces. 3. Brand Names and Stories Matter The name “Medase” means “thank you” and reflects gratitude, friendship, and emotional support. Monica emphasizes: Every flavor name, color, and product decision has a story A strong brand narrative creates curiosity, loyalty, and investor interest Lesson: People invest in brands they feel—emotionally, not just intellectually. 4. Venture Capital Is Not Just About Numbers While financials matter, Monica stresses that VCs also invest in founders and stories. What helped her secure venture capital: A compelling personal story Relevant founder skill sets (M&A, law, operations) Clear understanding of the market opportunity Lesson: Early-stage funding often depends on who you are and why you’re building, not just revenue. 5. Research, Planning, and Discipline Before Launch Unlike many food startups, Medase did not begin in a kitchen. They: Conducted a feasibility study Built a formal business plan Worked with a Black female food scientist Set strict personal funding limits before seeking capital Lesson: Preparation reduces risk and builds long-term sustainability. 6. Scaling Requires Operational Maturity As sales increased—especially on Amazon—Monica emphasized the need to move from “hustle mode” to operational excellence. Key scaling principles: Understand unit economics Track ROI for events and activations Adjust pricing as volume increases Build strategy across marketing, operations, and distribution Lesson: Hustle starts the business; operations grow it. 7. Niche First, Expansion Later Medase does not try to be “everything to everyone.” Core customers include: People seeking a break from alcohol Health-conscious consumers Black men looking for alcohol replacements Consumers wanting cocktail taste without hangovers Lesson: Strong niches create loyal advocates who fuel organic growth. 8. Smart Distribution Strategy Rather than rushing into retail, Monica prioritized direct-to-consumer channels: Amazon (top-performing channel) Brand website TikTok Shop Only after 6–7 months of traction did retail expansion become viable. Lesson: Control your margins and demand before entering expensive retail environments. Memorable Quotes “I wanted an authentic cocktail without compromise.” “Everything we do has a story behind it.” “Sometimes it’s not about the financials—it’s about the founder and the story.” “Don’t be everything to everybody. Find your market and stick with your market.” “Hustle starts the business, but operations give you scale.” “If it tastes too much like alcohol and you gave me a one-star review—thank you. That means I did my job.” Overall Message This episode is a real-world entrepreneurial blueprint showing how clarity of vision, emotional authenticity, disciplined planning, and niche focus can turn a personal idea into a scalable national brand. Monica Cornitcher exemplifies the modern founder:visionary, data-aware, emotionally intelligent, and unapologetically authentic. #SHMS #BEST #STRAWSee omnystudio.com/listener for privacy information.

Listen and subscribe to Money Making Conversations on iHeartRadio, Apple Podcasts, Spotify, www.moneymakingconversations.com/subscribe/ or wherever you listen to podcasts. New Money Making Conversations episodes drop daily. I want to alert you, so you don’t miss out on expert analysis and insider perspectives from my guests who provide tips that can help you uplift the community, improve your financial planning, motivation, or advice on how to be a successful entrepreneur. Keep winning! Two-time Emmy and Three-time NAACP Image Award-winning, television Executive Producer Rushion McDonald interviewed Monica Cornitcher. Entrepreneurial journey, the inspiration behind Medase Cocktails, and the realities of launching, funding, and scaling a premium nonalcoholic spirits brand in a highly competitive market. Purpose of the Conversation The purpose of the episode is to: Educate aspiring entrepreneurs on how to build a differentiated consumer brand Demonstrate the importance of storytelling, market clarity, and operational discipline Highlight the growth of the nonalcoholic / zero‑proof beverage movement Inspire founders—especially founders of color—to own their niche, seek capital strategically, and scale intentionally. Key Takeaways 1. Business Built from Personal Need and Purpose Medase Cocktails was co‑founded by Monica and her lifelong friend during her friend’s battle with breast cancer, a time when alcohol was no longer an option—but celebration still mattered. The brand was created to allow people to celebrate authentically without alcohol It carries emotional depth rooted in friendship, gratitude, and loss Monica continues the mission after her co‑founder passed away in 2024 Lesson: Purpose-driven businesses create deeper emotional connection and long-term brand equity. 2. Differentiation Is Everything Monica deliberately rejected the “sparkling water with flavor” model common in nonalcoholic drinks. Her differentiators include: Authentic cocktail taste (Old Fashioned, Margarita, Moscow Mule) Organic juices, not artificial flavors Bold packaging that stands out on shelves Drinks designed to smell, taste, and feel like real cocktails Lesson: Competing on authenticity—not cost—is how you carve out market share in crowded spaces. 3. Brand Names and Stories Matter The name “Medase” means “thank you” and reflects gratitude, friendship, and emotional support. Monica emphasizes: Every flavor name, color, and product decision has a story A strong brand narrative creates curiosity, loyalty, and investor interest Lesson: People invest in brands they feel—emotionally, not just intellectually. 4. Venture Capital Is Not Just About Numbers While financials matter, Monica stresses that VCs also invest in founders and stories. What helped her secure venture capital: A compelling personal story Relevant founder skill sets (M&A, law, operations) Clear understanding of the market opportunity Lesson: Early-stage funding often depends on who you are and why you’re building, not just revenue. 5. Research, Planning, and Discipline Before Launch Unlike many food startups, Medase did not begin in a kitchen. They: Conducted a feasibility study Built a formal business plan Worked with a Black female food scientist Set strict personal funding limits before seeking capital Lesson: Preparation reduces risk and builds long-term sustainability. 6. Scaling Requires Operational Maturity As sales increased—especially on Amazon—Monica emphasized the need to move from “hustle mode” to operational excellence. Key scaling principles: Understand unit economics Track ROI for events and activations Adjust pricing as volume increases Build strategy across marketing, operations, and distribution Lesson: Hustle starts the business; operations grow it. 7. Niche First, Expansion Later Medase does not try to be “everything to everyone.” Core customers include: People seeking a break from alcohol Health-conscious consumers Black men looking for alcohol replacements Consumers wanting cocktail taste without hangovers Lesson: Strong niches create loyal advocates who fuel organic growth. 8. Smart Distribution Strategy Rather than rushing into retail, Monica prioritized direct-to-consumer channels: Amazon (top-performing channel) Brand website TikTok Shop Only after 6–7 months of traction did retail expansion become viable. Lesson: Control your margins and demand before entering expensive retail environments. Memorable Quotes “I wanted an authentic cocktail without compromise.” “Everything we do has a story behind it.” “Sometimes it’s not about the financials—it’s about the founder and the story.” “Don’t be everything to everybody. Find your market and stick with your market.” “Hustle starts the business, but operations give you scale.” “If it tastes too much like alcohol and you gave me a one-star review—thank you. That means I did my job.” Overall Message This episode is a real-world entrepreneurial blueprint showing how clarity of vision, emotional authenticity, disciplined planning, and niche focus can turn a personal idea into a scalable national brand. Monica Cornitcher exemplifies the modern founder:visionary, data-aware, emotionally intelligent, and unapologetically authentic. #SHMS #BEST #STRAWSteve Harvey Morning Show Online: http://www.steveharveyfm.com/See omnystudio.com/listener for privacy information.

Did Daily Wire really torch $100 million on Bentkey? Marcus Pittman, CEO of LOOR TV, called the collapse of conservative streaming years before it happened - and he is back on the show to explain exactly why conservative entertainment keeps losing. Four years ago Marcus came on with a contrarian pitch that made VCs laugh in his face - Netflix meets Kickstarter, where subscribers decide what gets made. Today he has funded nearly 40 pieces of content for under a million bucks, the same number the venture guys swore would cost over $100 million. He bet against the room and the room was wrong. Here is the mistake that keeps sinking the right. Conservatives build content for the parent and forget the parent is not the consumer - the kid is. McDonald's figured this out with the Happy Meal in the 70s. Chuck E Cheese figured it out. Bentkey never did, ad the bill came due to the tune of nine figures. Then we get into the part nobody on our side wants to hear. Rumble keeps screaming "free speech platform" while quietly admitting they have no Mr. Beast. Microsoft lit $100 million on fire chasing Ninja over to Mixer. The pattern is always the same - buy the big name, wait for the audience to follow, watch it crash. Marcus lays out the open letter he wrote Chris Pavlovsky and the playbook that actually builds an audience from zero. We close on where this is all going - why Gen Z does not care about celebrities, why the next great Christian film might be a Ryan Gosling space movie, and why the human connection that AI can never fake is the whole ballgame. If you build, fund, or just consume content, this one will recalibrate how you think about the entire game. CHAPTERS: 00:00 - The $100M Question Hollywood Won't Answer 01:23 - The Guy Who Called Every Conservative Streaming Flop 03:41 - The Consumer vs. The Purchaser Mistake 05:36 - What the Happy Meal Teaches About Kids' Content 08:03 - How Daily Wire Torched $100 Million on Bentkey 09:52 - VeggieTales Did It Right (A Hammer In Search of a Nail) 11:28 - Build What People Actually Want 12:39 - The Cable TV Playbook Nobody Runs Anymore 15:23 - Is "Project Hail Mary" the Christian Film We've Been Waiting For? 17:46 - The Blind Spot: Nobody Builds For Young Men 18:14 - "There's No Market" Is a Lie (Tesla, Uber, the Wright Brothers) 21:37 - Rumble's Real Problem - Where's Their Mr. Beast? 24:26 - The Open Letter to Chris Pavlovsky 27:40 - The $100M Mixer Disaster 29:45 - Why Gen Z Doesn't Care About Celebrities Anymore 33:23 - The Human Connection AI Can't Fake 36:40 - Where to Find LOOR TV + Final Thoughts Today's Guest - Marcus Pittman / LOOR TV: LOOR.tv (join, or hit the Creator / Investor tabs before logging in): https://www.loor.tv Marcus on X: https://x.com/ImKingGinger LOOR on X: https://x.com/WatchLOOR Marcus's Substack ("Poorly Written"): https://substack.com/@marcuspittman Marcus's Federalist piece, "Project Hail Mary Is The Masculine Christian Film You've Been Waiting For": https://thefederalist.com/2026/04/07/project-hail-mary-is-the-masculine-christian-film-youve-been-waiting-for/ Marcus's first time on the show (Ep. 437, Feb 2022): https://www.briannicholsshow.com/437-fighting-the-culture-with-great-storytelling-with-loortv-ceo-marcus-pittman/ The Brian Nichols Show: Home base (listen + watch everywhere): https://www.briannicholsshow.com Apple Podcasts: https://podcasts.apple.com/us/podcast/the-brian-nichols-show/id1334346967 Rumble: https://rumble.com/c/TheBrianNicholsShow Follow Brian on X: https://www.briannicholsshow.com/twitter (@BNicholsLiberty) Follow Brian on Facebook: https://www.briannicholsshow.com/facebook More from Brian - CX Without the BS: https://podcasts.apple.com/us/podcast/cx-without-the-bs/id1747979147 Listener questions: brian@briannicholsshow.com Today's Sponsor - Cardio Miracle Support your heart health and the show - for 15% off: https://CardioMiracle.com/TBNS Learn more about your ad choices. Visit megaphone.fm/adchoices

Did Daily Wire really torch $100 million on Bentkey? Marcus Pittman, CEO of LOOR TV, called the collapse of conservative streaming years before it happened - and he is back on the show to explain exactly why conservative entertainment keeps losing. Four years ago Marcus came on with a contrarian pitch that made VCs laugh in his face - Netflix meets Kickstarter, where subscribers decide what gets made. Today he has funded nearly 40 pieces of content for under a million bucks, the same number the venture guys swore would cost over $100 million. He bet against the room and the room was wrong. Here is the mistake that keeps sinking the right. Conservatives build content for the parent and forget the parent is not the consumer - the kid is. McDonald's figured this out with the Happy Meal in the 70s. Chuck E Cheese figured it out. Bentkey never did, ad the bill came due to the tune of nine figures. Then we get into the part nobody on our side wants to hear. Rumble keeps screaming "free speech platform" while quietly admitting they have no Mr. Beast. Microsoft lit $100 million on fire chasing Ninja over to Mixer. The pattern is always the same - buy the big name, wait for the audience to follow, watch it crash. Marcus lays out the open letter he wrote Chris Pavlovsky and the playbook that actually builds an audience from zero. We close on where this is all going - why Gen Z does not care about celebrities, why the next great Christian film might be a Ryan Gosling space movie, and why the human connection that AI can never fake is the whole ballgame. If you build, fund, or just consume content, this one will recalibrate how you think about the entire game. CHAPTERS: 00:00 - The $100M Question Hollywood Won't Answer 01:23 - The Guy Who Called Every Conservative Streaming Flop 03:41 - The Consumer vs. The Purchaser Mistake 05:36 - What the Happy Meal Teaches About Kids' Content 08:03 - How Daily Wire Torched $100 Million on Bentkey 09:52 - VeggieTales Did It Right (A Hammer In Search of a Nail) 11:28 - Build What People Actually Want 12:39 - The Cable TV Playbook Nobody Runs Anymore 15:23 - Is "Project Hail Mary" the Christian Film We've Been Waiting For? 17:46 - The Blind Spot: Nobody Builds For Young Men 18:14 - "There's No Market" Is a Lie (Tesla, Uber, the Wright Brothers) 21:37 - Rumble's Real Problem - Where's Their Mr. Beast? 24:26 - The Open Letter to Chris Pavlovsky 27:40 - The $100M Mixer Disaster 29:45 - Why Gen Z Doesn't Care About Celebrities Anymore 33:23 - The Human Connection AI Can't Fake 36:40 - Where to Find LOOR TV + Final Thoughts Today's Guest - Marcus Pittman / LOOR TV: LOOR.tv (join, or hit the Creator / Investor tabs before logging in): https://www.loor.tv Marcus on X: https://x.com/ImKingGinger LOOR on X: https://x.com/WatchLOOR Marcus's Substack ("Poorly Written"): https://substack.com/@marcuspittman Marcus's Federalist piece, "Project Hail Mary Is The Masculine Christian Film You've Been Waiting For": https://thefederalist.com/2026/04/07/project-hail-mary-is-the-masculine-christian-film-youve-been-waiting-for/ Marcus's first time on the show (Ep. 437, Feb 2022): https://www.briannicholsshow.com/437-fighting-the-culture-with-great-storytelling-with-loortv-ceo-marcus-pittman/ The Brian Nichols Show: Home base (listen + watch everywhere): https://www.briannicholsshow.com Apple Podcasts: https://podcasts.apple.com/us/podcast/the-brian-nichols-show/id1334346967 Rumble: https://rumble.com/c/TheBrianNicholsShow Follow Brian on X: https://www.briannicholsshow.com/twitter (@BNicholsLiberty) Follow Brian on Facebook: https://www.briannicholsshow.com/facebook More from Brian - CX Without the BS: https://podcasts.apple.com/us/podcast/cx-without-the-bs/id1747979147 Listener questions: brian@briannicholsshow.com Today's Sponsor - Cardio Miracle Support your heart health and the show - for 15% off: https://CardioMiracle.com/TBNS Learn more about your ad choices. Visit megaphone.fm/adchoices

The Space Show Presents Shubber Ali, Sunday, 4-19-26Quick Summary:This Space Show program featured Shubber Ali, the original founder of Space Cynics, discussing his return to critiquing space industry claims and over hyping. Shubber explained how Space Cynics began in the mid-2000s as a blog focused on questioning exaggerated claims about space technology, particularly around reusable rockets and commercial space ventures. The discussion centered heavily on Shubber's criticism of current space projects, including Elon Musk's data center plans in space, orbital mirrors for solar power, and space-based solar power systems. Shubber argued these projects were economically unfeasible due to launch costs, engineering challenges, and unrealistic timelines, using detailed calculations to demonstrate why proposed constellations would take decades to deploy rather than the claimed 5-year timeframes. The conversation also touched on NASA's Artemis program, government debt concerns, and the challenges of space colonization, with Shubber expressing skepticism about many current space industry promises while acknowledging the long-term potential for space development.Detailed Summary:The Wisdom Team discussed the background of Shubber Ali, who joined the meeting late due to a family commitment. They shared memories of past encounters, including a NASA Ames event and Shubber's work on the X33 “Adventure Star” project 25 years ago. The conversation touched on personal updates, including Shubber's recent move from California to Maryland and his company's location in Maine. The conversation ended with a brief discussion about potential future topics to cover, including data centers and reflecting mirrors, though the specific focus was not finalized.David welcomed Shubber Ali to the Sunday Space Show to discuss the resurrection of Space Cynics, a blog and award system that Shubber had originally founded in the mid-2000s. Shubber explained that Space Cynics focused on critiquing outlandish claims made by space companies, particularly through their “Walking Eagle Award” given to companies making unrealistic promises. Shubber shared his background working at KPMG in the 1990s, where he managed a space consulting team that produced the first annual State of the Space Industry report in collaboration with SpaceVest and other partners. The discussion began to cover the history of RLV (Reusable Launch Vehicle) companies from that era, though the transcript ended before this topic was fully explored.Shubber discussed the history of reusable rockets and space industry economics, highlighting how SpaceX's success demonstrated the viability of reusable technology despite earlier failures like the Space Shuttle program. He criticized current space industry hype, particularly around data centers in space, explaining that such projects face significant challenges in physics, engineering, and timeline feasibility. Shubber provided specific calculations showing that deploying a large constellation of data center satellites would take decades, not the 5-year timeline often proposed, and emphasized that basic mathematical analysis could disprove many space industry claims.Shubber expressed skepticism about Elon Musk's business ventures, particularly SpaceX and the Boring Company, arguing that while Musk has vision and funding, the actual execution relies heavily on his team. Shubber criticized the overvaluation of AI companies, claiming there's a significant bubble in the AI industry that will likely burst, with most AI applications being overhyped and overvalued. Philip disagreed, arguing that AI provides real value through productivity gains in areas like document drafting and research, though Shubber countered that these benefits are limited and often require significant human correction due to AI errors and hallucinations.Next, the discussion focused on evaluating business proposals and technological ideas, particularly around supply and demand economics. Shubber explained his approach to identifying problematic business projections, emphasizing how increased supply typically leads to lower prices unless demand grows commensurately. The conversation also addressed Elon Musk's Hyperloop concept, with AJ suggesting it was a bad idea without providing specific economic reasoning, which led to moderation intervention from David to keep the discussion focused on Shubber's planned topics. The discussion concluded with technical considerations around satellite positioning and space-based solar power challenges.We talked about the feasibility of space-based solar power, with Shubber and Phil both expressing skepticism about the technology's practicality in the near term. Shubber emphasized engineering challenges including launch costs, construction of large structures at geostationary orbit, and the inability to service equipment there, while Phil focused on economic inefficiencies due to energy conversion losses and high launch costs. The conversation also covered the status of space hotels, with David sharing insights about Bob Bigelow's withdrawal from the space hotel business following personal tragedy, and the group debated the value and hype surrounding NASA's Artemis program, particularly regarding the SLS rocket and moon missionsThe team discussed the Artemis program and NASA's budget challenges. Shubber criticized the SLS project as inefficient and suggested opening it up to commercial competition. The conversation then shifted to the national debt and unfunded liabilities, particularly regarding Social Security. Shubber explained the financial challenges of the current system and expressed skepticism about proposed solutions like moving Social Security to a cryptocurrency system. The discussion concluded with a brief mention of orbital mirrors and their potential applications, though Shubber expressed doubts about their practicality and use cases.The group discussed the feasibility and business case of using orbital mirrors to provide artificial sunlight, particularly for solar farms. Shubber and Philip analyzed the technical requirements, including the size of mirrors needed and the challenges of maintaining continuous sunlight. The discussion also touched on environmental impacts, including effects on agriculture and wildlife, and the long-term prospects for human space colonization, with Shubber suggesting that while space colonization may be necessary in the very long term, current public interest in returning to the moon remains limited.The group discussed space tourism and commercial space missions. They clarified that while Axiom missions have taken approximately 16 people to the ISS, these were not traditional space tourists but rather business investors funding scientific research. The conversation then shifted to GRU Space, a company claiming to develop the first lunar hotel, though participants expressed skepticism about its credibility and media presence. The discussion concluded with Shubber outlining a framework for evaluating space business proposals based on physics, engineering, and economics principles.The discussion focused on the challenges and realities of space technology investments, particularly regarding StarCloud's satellite project. Shubber explained how companies like StarCloud secure funding through connections and hype rather than proven technology, contrasting them with older-style VCs like Ed Tuck who focused on legitimate due diligence. The conversation then shifted to nuclear energy, where Shubber expressed support for nuclear power while noting that regulatory and construction challenges, rather than technical feasibility, are the main obstacles. The discussion concluded with a debate about the role of space advocates, where Shubber emphasized the importance of balancing ambitious vision with realistic timelines to maintain credibility and avoid damaging the broader space industry through unwarranted hype.The declining quality in journalism and scientific reporting was a topic. Shubber shared his experience of discovering that even respected publications like Scientific American contained inaccurate information, leading him to question the credibility of mainstream media. David described how his experience as a parent of a child with cystic fibrosis revealed widespread miscommunication between journalists and scientists, with researchers confirming that journalists often misunderstood their work. The discussion concluded with Ajay expressing concern about increasing dishonesty in scientific research, though Shubber clarified that the core scientific method remains sound and that issues arise when researchers prioritize agenda-driven outcomes over objective truth.The group discussed the challenges of modern engineering and space technology, particularly focusing on SpaceX's Starship development and the complexity of creating new products compared to historical examples like the Model T. Shubber mentioned his plans to write an upcoming OP-ed about space exploration and financial concerns, comparing the current situation to Britain before the fall of Singapore. The conversation concluded with a discussion about the likelihood of experiencing the Kessler syndrome by 2050, with participants expressing varying levels of optimism about humanity's ability to prevent such a scenario.Special thanks to our sponsors:American Institute of Aeronautics and Astronautics, Helix Space in Luxembourg, Celestis Memorial Spaceflights, Astrox Corporation, Dr. Haym Benaroya of Rutgers University, The Space Settlement Progress Blog by John Jossy, The Atlantis Project, and Artless EntertainmentWe use Zoom phone numbers for program participation.For real time program participation, email Dr. Space at: drspace@thespaceshow.com for instructions and access.The Space Show is a non-profit 501C3 through its parent, One Giant Leap Foundation, Inc. To donate via Pay Pal, use:To donate with Zelle, use the email address: david@onegiantleapfoundation.org.If you prefer donating with a check, please make the check payable to One Giant Leap Foundation and mail to:One Giant Leap Foundation, 11035 Lavender Hill Drive Ste. 160-306 Las Vegas, NV 89135Upcoming Programs:No Program for Friday, May 29, 2026 | Friday 29 May 2026 930AM PTGuests: Dr. David LivingstonNo program today, Friday, May 26, 2026Broadcast 4596: Zoom: Open Lines Discussion | Sunday 31 May 2026 1200PM PTGuests: Dr. David LivingstonZoom: Open Lines Discussion. Email DrSpace prior to air time for Zoom phone number access. Get full access to The Space Show-One Giant Leap Foundation at doctorspace.substack.com/subscribe

Produced by Foundersuite (for startups: www.foundersuite.com) and Fundingstack (for emerging manager VCs: www.fundingstack.com), "How I Raised It" goes behind the scenes with startup founders and investors who have raised capital. This episode is with with Andrei Serban of Console, a San Francisco-based startup that provides an AI-powered IT Service Management platform that automates routine internal support requests and IT tasks directly through platforms like Slack and Microsoft Teams. Learn more at www.console.com In this episode, we discuss the acquisition of Andrei's previous company, Fuzzbuzz, by Rippling and he shares tips for managing the exit process. We then discuss what Console does and why he started the company. Following that, Andrei shares the story of raising capital from Thrive Capital, DST Global and prominent angels, how he ran a really tight 2 week process, how he used AI and an Investor Memo in the process, tips for who to target at a VC fund, why he likes to hire ex founders, and more. Andrei is a repeat guest of the show -- to catch the original episode when he was building Fuzzbuzz, click here: https://soundcloud.com/user-2586856/ep-106-how-i-raised-it-with-andrew-serban-of-fuzzbuzz Console has raised $29M from Thrive Capital and DST Global, with backers including Ramp's founders, Box CEO Aaron Levie, and Palo Alto Networks CEO Nikesh Arora. How I Raised It is produced by Foundersuite, makers of software to raise capital and manage investor relations. Foundersuite's customers have raised over $21 Billion since 2016. If you are a startup, create a free account at www.foundersuite.com. If you are a VC, venture studio or investment banker, check out our new platform, www.fundingstack.com

Is seed investing facing an existential crisis? This week on The Data Minute, Peter sits down with Rob Go, Founding Partner at NextView Ventures, to discuss the structural shifts making the "game on the field" harder than ever for early-stage investors.Rob explains why many successful seed VCs are exiting the industry and how the rise of mega-funds and massive accelerators like YC has squeezed traditional seed firms into a narrow "subset" of the market. They dive into the "feeder fund" phenomenon, the arbitrary nature of ownership mandates, and why the $1B–$3B exit range has become a "Death Valley" for startups.Despite the current angst, Rob shares his optimistic "bull case" for 2030, explaining why diminishing competition and a rotation away from late-stage consensus will lead to a healthier venture substrate in the years to come.Subscribe to Carta's weekly Data Minute newsletter: https://carta.com/subscribe/data-newsletter-sign-up/Explore interactive startup and VC data, with Carta's Data Desk: https://carta.com/data-desk/Chapters:00:20 – Intro: Rob Go and the Seed Existential Crisis02:16 – Defining Seed: Betting on anything before PMF03:35 – Why senior seed VCs are exiting the industry05:02 – The Squeeze: Mega-funds vs. Accelerators07:02 – Scarcity vs. Abundance: What's left for seed funds?08:44 – The "Feeder Fund" trap and the factory supply chain12:38 – The risk of taking seed money from a mega-fund13:34 – Breaking down the 4 styles of seed investing15:20 – Why specialist seed funds can be transient19:29 – Super Compounders: Will exits keep getting bigger?21:59 – The "Death Valley" of $1B–$3B exits25:08 – The Blumhouse equivalent for venture capital27:18 – Normalizing secondaries as an exit strategy33:53 – Rant: Why ownership targets are backwards39:04 – Offensive vs. Defensive bridge rounds45:07 – "I've become way more Zen": Why the 2030 outlook is bullish50:18 – OutroThis presentation contains general information only and eShares, Inc. dba Carta, Inc. (“Carta”) is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services, and is for informational purposes only.  This presentation is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. © 2026 eShares, Inc., dba Carta, Inc. All rights reserved.

Griffin just handed $100M to indie developers, Lilith is back with a pachinko creature collector that's turning heads, and Toon Blast hired Gus Fring for reasons that actually make sense.In this episode, we break down:● Griffin Gaming Partners' $100M indie fund and why project financing beats VC math for games● Why the tourists are gon,e and the OG gaming VCs are back● Embracer's endless restructuring and the Fellowship Entertainment spin-off● The full Embracer collapse timeline, 44 studios closed, 80 projects canceled● Google Play's AI-powered game discovery and what it means for your ASO strategy● Why keyword stuffing is dead and how to write for Gemini● Clash of Critters: Lilith's pachinko-core creature collector and the casualization of mid-core● Why Chinese studios didn't invent advanced casual — they just perfected it● Monopoly Go's decline and what levers Scopely has left● Coin Master Board Adventure vs Monopoly Go, is there any real competition?● Toon Blast's Gus Fring campaign and whether celebrity UA still moves the needle● Why re-onboarding lapsed players matters as much as acquiring new onesCHAPTERS:01:39 Banter Roblox and Xbox Takes02:47 Roundtable Events and Consulting Talk05:14 Quick Correction It Takes Two07:20 Google I O Play Updates10:58 ASO SEO for AI Debate14:01 Griffin Fund for Indies17:57 Why VC Math Broke21:10 Embracer Splits Again24:13 Embracer Fallout and Asset Timeline29:02 Mobile Game Data Setup29:30 Lilith Clash of Critters Deep Dive30:25 Portfolio Reality Check30:49 Grim Metrics Decline31:33 Pachinko Creature Collector32:35 Gacha And Meta Layers35:27 Why It Works Now38:01 Advanced Casual Debate41:19 Graphics And Monetization44:25 Coin Master Vs Monopoly Go48:08 Franchising And Growth Levers55:38 Toon Blast Celebrity UA01:00:21 Wrap Up And Next Week

If you've been wanting to buy a business for years, get your ticket to Main Street Millionaire Live. You'll learn how to find the right business for you, make deals, evaluate them, finance them, and own the upside: https://contrarianthinking.biz/MSML26_BDYT You've got a product idea. Maybe you've even built the thing. But now you're stuck on the part that actually matters: getting people to give you money before you've spent a fortune building inventory, hiring a team, or raising venture capital that'll own your company before you do. Everett Taylor is the CEO of Kickstarter, the platform that's helped creators raise over $8 billion and launch everything from billion dollar companies to side hustles that print cash. He came up through the mailroom, got stabbed working a parking lot, and built his career by learning how to sell himself before he had anything to sell. Now he runs one of the most creative funding platforms in the world and he's breaking down exactly how to raise money without giving away equity, how to pitch without sounding desperate, and why most people fail before they even start. In this episode, you'll learn: Why selling yourself is the first skill every founder needs and how to build confidence even when you're starting from zero The pre-order pyramid: exclusivity, urgency, value, timeliness, and trust, and why video is the number one thing that makes or breaks a campaign How to calculate your real costs so you don't lose money on every sale and why you need a 25 to 30 percent buffer for the things you can't predict The biggest mistakes founders make when pitching: not being concise, not building trust, and not understanding the difference between pitching VCs and pitching customers Why raising venture capital means giving up control and how pre-orders let you test demand, keep equity, and build a real business on your terms ___________ (00:00:00) Introduction: How to Raise Your First 100K Without Connections (00:00:52) The Self-Selling Framework: Marketing Yourself Before Your Product (00:03:54) Mental Toughness and Emotional Regulation: The Two Traits You Need (00:08:24) Pre-Orders Over Venture Capital: The Kickstarter Advantage (00:10:21) The Pre-Order Pyramid: Exclusivity, Urgency, Value, and Trust (00:13:41) The Video-First Rule: Why Great Campaigns Start With 30 Seconds (00:17:11) The Biggest Pitch Mistakes: Get to the Point or Get Lost (00:20:20) When to Bootstrap vs When to Raise Millions (00:23:02) The Venture Capital Trap: Why a 250M Offer Got Rejected (00:26:29) Cost Management and Buffer Strategy: The 25-30 Percent Rule (00:32:46) Surprising Success Stories: 28M Board Games and Comic Book Empires (00:37:49) The CEO Playbook: Mental Toughness, Humility, and Rolling Up Your Sleeves (00:40:43) Remote Leadership: Trust, Aggressive Goals, and Performance Management (00:43:26) The Kickstarter Turnaround: Rejecting Mediocrity and Rebuilding Culture ___________ MORE FROM BIGDEAL