Look for any podcast host, guest or anyone
Showing episodes and shows of

Mia Farnham

Shows

The Learning Corner by Precursor
The Learning Corner by PrecursorEpisode #60: The 2025 Venture Review feat. Hunter Walk (Homebrew, Screendoor) and Peter Walker (Carta)This end‑of‑year episode of The Learning Corner by Precursor brings together our first podcast guests, Hunter Walk (Homebrew, Screendoor) and Peter Walker (Carta) for a wide‑ranging conversation on how venture capital has evolved in 2025. We unpack ballooning early‑stage valuations, the distortion created by media attention, and how few companies actually sit at the top of the market. We also discuss today’s exit landscape, growing pressure for liquidity, the rise of secondaries, and what recent IPOs and M&A activity mean for funds of different sizes. We close by examining what early‑stage venture really looks like today...
2025-12-1832 minThe Learning Corner by Precursor
The Learning Corner by PrecursorEpisode #59: Pivots Rarely Work, Missionary Founders, Does Seattle Hate AI?In this week’s episode, we break down Ben Casnocha’s shift in thinking on whether good ideas matter more than good founders, Aaron Harris’ challenge to the “missionary founder” trope, and Jonathon Ready’s exploration of why AI is getting eye rolls from engineers in Seattle. We discuss how these takes intersect with early-stage investing and what signals we should be looking for as the startup landscape keeps evolving. Why Investing in Great Founders with Bad Ideas Rarely Works – by Ben Casnocha (LinkedIn) Missionary Accountants – by Aaron Harris (Substack) Everyone in Seattle Hates AI – by Jonathon Ready (Blog) (0:00) Introduction and the importance...
2025-12-1117 minThe Learning Corner by Precursor
The Learning Corner by PrecursorEpisode #58: Charles Schwab Acquisition of Forge Global, Holding "Venture Zombies" Forever, What Is Burnout Actually?In this episode of The Learning Corner by Precursor, Mia Farnham is joined by Charles Hudson and Missy Martin to unpack three timely reads. First, we explore Charles Schwab’s $660M acquisition of Forge Global and what it signals about the mainstreaming of alternative assets for retail investors. Next, we dig into TechCrunch’s coverage of “venture zombies” and the rise of “hold forever” investors acquiring stalled startups. Finally, we reflect on a powerful essay by Sinéad O’Sullivan that reframes burnout as an identity collapse—not a productivity issue—and what that means for founders, operators, and investors alike. Schwab to...
2025-12-0424 minThe Learning Corner by Precursor
The Learning Corner by PrecursorEpisode #57: Founder update signals, AI is a bubble and that's good and bad, YC's call to build "fundable" companiesThis week on The Learning Corner by Precursor, Mia Farnham and Charles Hudson dive into three thought-provoking reads shaking up the venture ecosystem: First, we break down Ben Zises’ take on why consistent founder updates may signal future success — and why that doesn’t always align with our own portfolio data. Next, we explore M.G. Siegler’s “Hey, There’s a Bubble” and what today’s AI funding frenzy reveals about hype cycles, economic dissonance, and the uneasy optimism baked into bubbles. Finally, we unpack Kyle Harrison’s “Build What’s Fundable” and its take on YC’s shifting tone, consensus capital, a...
2025-11-2017 minThe Learning Corner by Precursor
The Learning Corner by PrecursorEpisode #56: VC is Hard, Unconcentrated Fund Math, Cluely Growth UpdatesWe kick things off with a short but sharp post from Ben Choi reminding us that “VC is hard”—not just because of performance pressure, but because navigating fund dynamics and relationships is a game in itself. Then we dive into a provocative piece by Stefano Bernardi questioning the obsession with concentrated funds, and unpack why diversification often outperforms even the best instincts. Finally, we revisit the Cluely hype cycle, with CEO Roy Lee reflecting on the downside of viral traction and what happens when the market stops being impressed. VC is Hard (Ben Choi, Next Legacy) Should...
2025-11-1317 minThe Learning Corner by Precursor
The Learning Corner by PrecursorEpisode #55: Unsafe SAFEs, 15 Charts on the Future of VC, Big CPG Leveraging Gen AI, Sequoia Changes GuardsThis week on The Learning Corner, Mia and Charles break down four of the most thought-provoking reads shaping the tech and venture ecosystem right now: • Unsafe SAFEs in the Age of AI: Jason Lemkin calls out a troubling new trend where founders in hyped AI deals walk away with investor cash—without building a thing. • 15 Charts That Explain How Tech and Venture Are Changing in 2025: Ruben Dominguez drops a chart-heavy update covering everything from AI app churn to why so many junior VCs leave the industry. • Oreo-maker Mondelez is using GenAI to slash marketing costs: Mondelez teams up with Publicis and Acce...
2025-11-0621 minThe Learning Corner by Precursor
The Learning Corner by PrecursorEpisode #54: Teaching Students to Challenge AI, Is AI The New Shadow Bank?First up, we dive into “Beyond True or False: Teaching Students to Interrogate AI Unreliability”, a Substack by Nick Potkalitsky, which proposes a new framework—borrowed from literary theory—for teaching students to critically evaluate AI-generated content. We discuss how this lens can help people move beyond simple trust/distrust binaries and become better co-creators with AI. Then, we explore “Is AI the New Shadow Bank? (Yes…)”, a piece that draws parallels between today’s AI economy and the pre-2008 shadow banking system. Instead of mortgage-backed securities, today’s collateral is GPU access, compute contracts, and foundation models—and we ask: is the real inn...
2025-10-3015 minThe Learning Corner by Precursor
The Learning Corner by PrecursorEpisode #53: The Magic of DTC, Power of Iteration Speed, Secondaries in Term SheetsWe’re digging into three thought-provoking topics shaping the current startup and investing landscape: 🧼 Coterie’s $650M Exit & the Return of DTC M&A – We break down Brian Sugar’s “One Brand is Luck, Two is Strategy,” and why pure-play DTC brands with strong economics and customer devotion are back on the radar for modern acquirers. ⚡️ Iteration Speed & the Path to Series A – Hadley Harris of Eniac Ventures shares why iteration speed is the best predictor of Series A readiness, and how founders can prioritize feedback loops and kill ideas quickly to increase their odds. 💸 Secondaries in Term Sheets – A recent Axios note suggests...
2025-10-2320 minThe Learning Corner by Precursor
The Learning Corner by PrecursorEpisode #52: Goldman Sachs Acquires Industry Ventures, Is AI Causing Brain Obesity?, Investing In A Friend's CompanyThis week on The Learning Corner, Mia and Charles discuss Goldman Sachs’ acquisition of Industry Ventures and what it signals for the venture ecosystem, Maria Gonzalez Blanch’s take on “brain obesity” in the age of AI, and a recent post from Erica Wenger about friends investing in friends. We break down what it means for community, trust, and evolving norms in tech. Goldman Sachs agrees to acquire $7 billion VC firm Industry Ventures — CNBC The New Obesity Epidemic: Brain Obesity — Maria Gonzalez Blanch, Crescent Ridge Let Friends Invest in Their Companies — Erica Wenger, Park Rangers Capital (0...
2025-10-1623 minThe Learning Corner by Precursor
The Learning Corner by PrecursorEpisode #51: Three Venture Paths, When Great People Leave, Solo FoundersIn this week’s episode of The Learning Corner by Precursor, Mia and Charles explore three themes shaping today’s startup and VC landscape: The Three Lanes of Modern Venture – What type of fund are you really building? John Vrionis lays out three distinct approaches VCs are taking today. When Great People Leave – How do strong leaders navigate inevitable departures? Lessons from Taps Notes on leadership, transitions, and grace. The Solo Founder Debate – If solo founders can succeed, why don’t more VCs back them? Itamar Novick shares thoughts on survivorship bias and what makes solo builders special. Tune in for a though...
2025-10-0919 minThe Learning Corner by Precursor
The Learning Corner by PrecursorEpisode #50: What Does ARR Mean?, High Agency in Silicon Valley, Debt Fueling The Next AI WaveWe start with a Fortune article on how founders are using “creative accounting” to boost ARR, once the gold standard for SaaS success and now a much murkier metric in the AI era. What used to be a reliable sign of recurring revenue has drifted into “vibe revenue,” and we talk about what that means for investors and founders trying to benchmark growth. Next, we dive into Jasmine Sun’s blog on Silicon Valley’s cultural lexicon, “high agency,” “NPCs,” “996,” “taste,” and “decel/doomer.” These memes reflect deeper anxieties about meaning, ambition, and the pressure to win in today’s AI-driven world. We share our reac...
2025-10-0223 minThe Learning Corner by Precursor
The Learning Corner by PrecursorEpisode #49: Making Money on AI, Consumer Deserves Attention from Investors, Nvidia Invests in OpenAIWe explore Jerry Neumann's "AI Will Not Make You Rich," which argues that transformative technologies like AI may not deliver lasting competitive advantages, using economist Carlota Perez's tech wave framework to examine whether we're in the "frenzy" or "irruption" stage of AI development. Next, we dive into the curious disconnect in consumer tech markets, where VC funding has dropped from 15% to 5% of venture dollars despite consumer companies significantly outperforming the Nasdaq-100. Charles discusses why Precursor remains bullish on out-of-favor sectors and whether AI-powered personalization could revive investor interest in consumer tech. Finally, we examine Nvidia's $100 billion investment in OpenAI and...
2025-09-2518 minThe Learning Corner by Precursor
The Learning Corner by PrecursorEpisode #48: VCs are Cockroaches, Engineers Fixing Vibe-Coded Projects, Serial Entrepreneurs Continue to be FavoredThis week on The Learning Corner, Mia and Charles explore three compelling venture capital topics: (1) Micah Rosenbloom's comparison of VCs to "cockroaches" and why fund consolidation remains unlikely despite market pressures, (2) the emerging trend of software engineers being paid to fix AI-generated "vibe-coded" projects that need human expertise to become functional, and (3) new Pitchbook data revealing how serial founders maintain a significant 2-3x fundraising advantage over first-time entrepreneurs in today's cautious investment climate. 1. VCs Are Cockroaches By Micah Rosenbloom at Founder Collective 2. The Software Engineers Paid to Fix Vibe Coded Messes By...
2025-09-1820 minThe Learning Corner by Precursor
The Learning Corner by PrecursorEpisode #47: We Are The Enemy, The AI Productivity Paradox, Anthropic's Author Class ActionFirst, we dive into “We Have Met the Enemy and He Is Us” by Euclid Ventures, which explores how venture capital is drifting from its roots as a market for independent thinkers. Next up is “The AI Productivity Paradox” from Sequoia’s Inference, which explores why widespread AI adoption hasn’t translated into real productivity gains. Lastly, we break down the recent Reuters story about Anthropic’s $1.5 billion settlement in a landmark author copyright case. Soon after we recorded, the Judge stepped in and rejected the settlement. Articles Discussed We Have Met the Enemy and He Is UsEuclid V...
2025-09-1117 minThe Learning Corner by Precursor
The Learning Corner by PrecursorEpisode #46: AI Troubles for Taco Bell, Is Non-Consensus Dangerous, Are Software Economics Going Off a Cliff with AIThis week on The Learning Corner by Precursor, Mia and Charles dive into three major topics shaping the future of AI, startups, and software economics: Taco Bell’s Voice AI Troubles: A WSJ piece reveals just how glitchy the chain’s drive-thru AI rollout has been—and why they’re rethinking it entirely. Charles shares why these failures might actually be a good sign of progress and what’s at stake when AI misfires in higher-risk industries like healthcare and finance. The Myth of “Non-Consensus” Investing: A provocative thread from Martin Casado questions whether early-stage investors are placing too much faith in being...
2025-09-0418 minThe Learning Corner by Precursor
The Learning Corner by PrecursorEpisode #45: Hire the experimenters, Lessons from "failed" enterprise AI pilots, Valuations soar past the 2021 bubbleWe kick off the episode by discussing Rebecca Kaden’s essay, “Hire the Experimenters”, which argues that speed, adaptability, and creative risk-taking are more valuable than traditional credentials in today’s AI-driven startup world. We explore how this mindset shift is reshaping what “great hiring” looks like for early teams — and whether that flexibility can translate into long-term defensibility. Then we break down the MIT report on generative AI deployment across enterprise — and the not-so-great news that 95% of pilots are failing. Charles shares his opinion that these "failures" are signs of future success. Finally, we look at Peter Walker’s data-packed breakd...
2025-08-2820 minThe Learning Corner by Precursor
The Learning Corner by PrecursorEpisode #44: Founding Engineers Are Impossible To Hire, Regulators Come For AI Therapy Chatbots, What VCs Get Wrong About HiringThis week on The Learning Corner, we dig into the changing dynamics of talent, regulation, and hiring in venture. We start with the San Francisco Standard’s piece on why founding engineers are suddenly the most coveted hire in Silicon Valley, and how the expectations for technical co-founders have shifted post-AI. Next, we explore Platformer News’s report on the political crackdown on AI therapy bots. As states move to regulate AI mental health tools, we debate where the line should be drawn between helpful support and unlicensed therapy, and what it means for builders in this space. Finally, we unpa...
2025-08-2126 minThe Learning Corner by Precursor
The Learning Corner by PrecursorEpisode #43: Two Silicon Valley Modalities, Are VCs Independent Thinkers?, 20 Somethings Swarming SFThis week on The Learning Corner, we explore three perspectives shaping how startups get built and funded in today’s environment. We start with Aditya Agarwal’s LinkedIn post on the two competing startup modalities in Silicon Valley: those building in legible, fast-moving spaces where speed is the moat, versus those tackling illegible, contrarian ideas that take longer to crystallize. We discuss how investors say they want one, but often fund the other. Next, we dive into Rosie Bradbury’s PitchBook piece on whether VCs are truly independent thinkers. We break down new data showing how frequently top firms co-invest, and wh...
2025-08-0724 minThe Learning Corner by Precursor
The Learning Corner by PrecursorEpisode #42: The "Winners" in AI Today, DaaS Is Not Venture Backable, Seed Rounds Grow As Startups ShrinkThis week on The Learning Corner, we dive into three sharp pieces exploring the evolving shape of venture. We kick off with Elad Gil’s take on why AI markets are finally gaining clarity, with key winners emerging across foundational models, code, legal, and customer experience. We ask: can new entrants still break through if they’re not one of the early, well-capitalized names? Next, we unpack Auren Hoffman’s argument that data businesses, while solid, often aren’t built for venture scale. As more investors rethink their appetite for pure-play DaaS models, we explore where data companies can still attract...
2025-07-3118 minThe Learning Corner by Precursor
The Learning Corner by PrecursorEpisode #41: Investor to Fund Manager, Picking the RIGHT Capital, Seed Is Experiencing A CrisisThis week on The Learning Corner, we dive into the evolving reality of seed-stage venture capital. We kick things off with takeaways from the Superclusters podcast, where the team at Screendoor shares what LPs are really looking for in emerging fund managers today. Charles reflects on how the role of a fund manager shifts as firms scale, and what skills matter most beyond just investing. Next, we unpack a thoughtful post by Halfdays founder Ariana Ferwerda on how founders should approach choosing investors. We discuss the subtle red flags that surface post-term sheet and what questions can help founders protect...
2025-07-2425 minThe Learning Corner by Precursor
The Learning Corner by PrecursorEpisode #40: Windsurf "Blitzhire", Demystifying Venture Speak, Founders Running "Fast and Loose"In this episode of The Learning Corner, Mia Farnham and Charles Hudson dig into three big conversations lighting up the venture world: 🔥 First, we break down the Windsurf “Blitzhire” saga—why a $3B OpenAI deal fell apart, how Google swooped in with a $2.4B licensing play, and what this trend of acqui-hire-meets-IP deals means for the future of AI M&A. 💭 Then, we turn to Sergio Rodenzuela’s recent post demystifying how VC really works for early founders—from fundraising realities to the quiet pivots firms make behind the scenes. 🎙️ And finally, we reflect on Jared Hecht’s wild early fundraising tales from...
2025-07-1722 minThe Learning Corner by Precursor
The Learning Corner by PrecursorEpisode #39: Adopting Parent Investors, The Art of Curating Fund Manager Investment Opportunities, AI Product Pricing TodayWelcome back to The Learning Corner by Precursor, hosted by Mia Farnham and Charles Hudson. After a quick break for the Fourth of July, we’re back with a jam-packed episode covering some of the most thought-provoking conversations in early-stage venture. In this episode: We explore the concept of the adopting parent investor, how VCs can step into existing board relationships with thoughtfulness, transparency, and full commitment, based on Micah Rosenbloom’s recent reflection on partnering with founders after transitions. We unpack a dense and valuable discussion from The Peel between Samir Kaji and Turner Novak on fundraising, secondary dynamics, and...
2025-07-1023 minThe Learning Corner by Precursor
The Learning Corner by PrecursorEpisode #38: First Round Capital Reflections and How Fundraising and Seeking an Acquisition Opportunity Are Mutually ExclusiveIn this week’s episode of The Learning Corner, Mia Farnham and Charles Hudson dive into two thought-provoking pieces on modern venture capital and founder decision-making under pressure. First, we unpack Uncapped’s interview with Josh Kopelman of First Round Capital. From the “Blackstoneification of Venture” to his tongue-in-cheek “Venture Arrogance Score,” Kopelman challenges conventional thinking around fund scale, relevance, and value creation. We also touch on secondaries, post-mortems, and what it means to run a venture firm like an operating company. Then we turn to a sharp LinkedIn post by Rohit Mittal on the tough calls founders must make when stuck b...
2025-06-2620 minThe Learning Corner by Precursor
The Learning Corner by PrecursorEpisode #37: Bill Gurley's Market Realities, Geo- Arbitrage Investing, The Acquihire WaveThis week on The Learning Corner by Precursor: Reflections from Invest Like the Best’s episode featuring Bill Gurley. From zombie unicorns to misaligned fund incentives, Gurley addresses the long arc of staying private and the system-wide pressures created by illiquidity, consensus strategies, and overcapitalization. We dig into Alex Lazarow’s post on how Chime borrowed elements from international fintech giants like Nubank and Toss and what it means to apply lessons from one market to another. What makes geo-arbitrage work, and why hasn’t live commerce, which has seen major success in China, taken off in the U.S.? Finall...
2025-06-2019 minFearless Impact
Fearless ImpactInside the Room: Women Pitching AI with PurposeI’ve always said the most powerful rooms aren’t the loudest - they’re the most intentional. And this Women in AI Pitch Tank was one of those rooms.In this episode, you’ll hear from three incredible founders using AI to solve real problems with clarity, conviction, and heart. They pitched live and received direct feedback from some of the most thoughtful women in venture: Stephanie Mouchbahani-Constance (KLI Capital), Mia Farnham (Precursor Ventures), and Veda Patel (Conductive Ventures).We talked about building with purpose, fundraising without fluff, and why conversations like these need to happe...
2025-06-1352 minThe Learning Corner by Precursor
The Learning Corner by PrecursorEpisode #36: Founder Optimism, Seed Math Is Broken, Aumni Venture Beacon ReportIn this week’s episode of The Learning Corner, recorded in person during Precursor’s team onsite in San Francisco, Mia Farnham and Charles Hudson dive into the following topics: Embracing Optimism in Venture Inspired by a recent essay from Collin and Joshua Wallace, we explore the often-overlooked value of modeling best-case scenarios. While founders and investors are trained to anticipate risk, we ask: what would it look like to plan with optimism, and why is that mindset essential to long-term success? Bill Gurley on the Broken Math of Seed We break down Hadley Harris’ viral thread and Bill Gurley’s respon...
2025-06-1219 minThe Learning Corner by Precursor
The Learning Corner by PrecursorEpisode #35: A Founder's Postmortem, Teachers And The AI Dilemma, Emerging GTM Across AIIn this episode of The Learning Corner by Precursor, Mia Farnham and Charles Hudson explore the emotional rollercoaster faced by startup founders, shedding light on the prevalence of burnout and the implications of startup culture on personal well-being. They delve into the role of AI in education, discussing both the hurdles and opportunities it presents. The conversation broadens to the global repercussions of AI transformation and its influence on venture capital dynamics. Additionally, they examine the business models and inherent challenges confronting AI companies. The startup postmortem I’ve been avoiding by Quinn Wang Teachers are note OK by Ja...
2025-06-0521 minThe Learning Corner by Precursor
The Learning Corner by PrecursorEpisode #34: AI’s Labor Problem, Bridge Round Realities & Big Tech’s Acqui-License DealsIn this episode of The Learning Corner by Precursor, hosts Mia Farnham and Charles Hudson dive into the week’s most thought-provoking articles and trends shaping tech, venture capital, and the future of work. They explore the growing tension between AI advancement and labor displacement, discussing how automation is reshaping entry-level jobs and what it means for the next generation of workers. The conversation also unpacks the realities behind “bridge rounds” in startup funding—when they work, when they don’t, and what founders and investors should consider before doubling down. Finally, Mia and Charles break down the DOJ’s antitrust in...
2025-05-2919 minThe Learning Corner by Precursor
The Learning Corner by PrecursorEpisode #33: Do $1B Outcomes Matter?, Vibe Investing, The Agentic Web and The Original SinThis week, Mia, Charles and Leon break down three timely topics shaping the future of venture and technology: VC Exit Math is Changing: David Clark (VenCap) expands on Packy McCormick’s analysis of billion-dollar exits, showing how top-tier venture returns are moving from $1B to $20B+ outcomes. We explore what this shift means for fund pacing, graduation rates, and why mid-sized funds are feeling the squeeze. “Vibe Investing” & Perishable Knowledge: Collin Wallace (Lobby Capital) dives into AI’s impact on investor behavior and startup creation. We talk about the limits of pattern recognition, the risk of thesis mimicry, and why real con...
2025-05-2220 minThe Learning Corner by Precursor
The Learning Corner by PrecursorEpisode #32: Is AI Coming For Your Job?, Myths About AI Native Startups, Specialist vs. Generalist InvestingIn this episode we unpack three topics across the VC/Startup ecosystem: AI Is Coming for Jobs, And CEOs Are Finally Saying It: Fiverr CEO Micha Kaufman recently published one of the most candid memos we’ve seen, acknowledging AI’s very real disruption of the gig economy. We talk about what happens when leaders stop spinning AI as pure efficiency, and start confronting what’s being lost. The Myth of the AI-Native Startup: Why are so many “AI-native” companies failing to deliver meaningful results? We discuss Casey Newton’s piece on the reality of these startups, how investor FOMO is outpacing...
2025-05-1517 minThe Learning Corner by Precursor
The Learning Corner by PrecursorEpisode #31: Do We Need a VC Prenup?, Lightspeed Becomes an RIA, Financing the AI RevolutionIn this episode of The Learning Corner, we explore founder frustrations with venture capital and the concept of VC prenups. The discussion transitions into the blurring lines between venture capital and private equity, examining their structural differences. We delve into the evolution of venture capital, focusing on profitability and LightSpeed Venture Partners' shift to RIA status. The conversation highlights the impact of RIA status from the perspective of founders and the trend toward diversified VC firms. We also discuss the sustainability of mid-sized venture funds, with insights from The Information's AI event, and examine consumer behavior and the integration of...
2025-05-0819 minThe Learning Corner by Precursor
The Learning Corner by PrecursorEpisode #30: Pre-IPO Company Talent Wars, Winning Fast as Fund Managers, Tariff Impact on Startup/Early Stage VCIn this episode of The Learning Corner, we delve into the impact of AI enthusiasm and tariffs on tech businesses, exploring how these factors are reshaping the landscape. Charles Hudson shares insights on talent retention challenges faced by startups. The conversation shifts to Plaid's potential public offering and the considerations for venture capital returns. We also discuss liquidity and secondary opportunities available to limited partners. The episode examines tariffs and their economic effects on startups. The episode concludes with final thoughts on the broader implications of tariffs. Figma, Plaid And The Battle To Retain Talent At Almost-Exited Startups by...
2025-05-0119 minThe Learning Corner by Precursor
The Learning Corner by PrecursorEpisode #29: Agentic Hunger Games, What's an Effective Board Meeting?, The Future of Angel InvestingIn this episode of The Learning Corner, we begin with an introduction and welcome before diving into Ed Sim's insights on the "Enterprise Agent Hunger Games." The discussion explores the dynamics of enterprise software, the challenges posed by AI, and the competitive landscape. We examine how founders can build for scale and sustain AI tools within enterprises. The conversation shifts to reframing board meetings and Precursor's approach to supporting founders. We also touch on Halle Tecco's decision to move away from angel investing after years in the ecosystem. The Enterprise Agent Hunger Games by Ed Sim Reframing the Board...
2025-04-2420 minThe Learning Corner by Precursor
The Learning Corner by PrecursorEpisode #28: Fund 1 Over Performance Math, Media and Content Runs VC, Fund Manager PatienceIn this episode of The Learning Corner, we kick off with an introduction and overview before diving into a consolidated discussion on Fund Ones and the factors that contribute to VC success. The conversation explores how VC firms are evolving into media companies and the importance of content strategy. We also delve into the patience and emotional aspects of early-stage venture capital, highlighting market conditions and portfolio management challenges. The episode wraps up with closing remarks and expressions of gratitude. The Math of Fund 1s: Why First-Time Funds Mathematically Outperform by Steve Kim The Next Great VC Firm Will...
2025-04-1720 minThe Learning Corner by Precursor
The Learning Corner by PrecursorEpisode #27: Shopify's "Leaked" CEO Memo, Tourist Founders, Senior Partners Leaving Established FirmsIn this episode of The Learning Corner, the discussion begins with an overview of AI fever and its profound implications for startups. We examine the rise of tourist founders and the role of venture capital in the AI boom, along with the mounting pressure on companies to pivot towards AI. The conversation shifts to the new phenomenon of senior partner departures from larger funds across the ecosystem. Shopify's Internal Memo Opportunism by Sriram Krishnan Many senior venture capitalists are leaving big firms. Insiders boil it down to a few reasons (0:00) Introduction to the Learning Corner podcast (0:44) AI fever...
2025-04-1020 minThe Learning Corner by Precursor
The Learning Corner by PrecursorEpisode #26: Bradley Tusk Says VC Is Dead, Investor Learnings From The Last Overheated MarketThis episode of The Learning Corner delves into the dynamics between founder quality and market conditions. An introduction to the podcast sets the stage for a discussion on Bradley Tusk's venture fund evolution, highlighting the hybrid model's impact. The roles and innovations in fund management are explored, emphasizing the balance between meaningful support and marketing in venture funds. The conversation then shifts to platform resources and strategies for navigating overheated markets. The episode also examines adjustments in AI investment strategies, addressing price sensitivity and the emotional commitment required in investments. Bradley Tusk says VC is dead. But the ‘fixer’ in h...
2025-04-0317 minThe Learning Corner by Precursor
The Learning Corner by PrecursorEpisode #25: Startup Media Hype Circles, 11x Tech Crunch Article, Market Arbitrage in VentureIn this episode of The Learning Corner, we dive into the venture ecosystem, focusing on optics versus nuance and founder expectations. We explore acqui-hires, small exits, and alternative startup paths, emphasizing transparency. A controversy around an AI sales startup sparks a discussion on founder honesty. We also discuss capitalizing on arbitrage windows, challenges for specialists, and investing in out-of-favor categories like African fintech. The debate continues on AI-focused funds and the generalist versus specialist approach in venture capital, concluding with thoughts on supporting individual contributors. Headlines Rarely Tell You the Story by Jesse Middleton a16z- and Benchmark-backed 11x...
2025-03-2724 minThe Learning Corner by Precursor
The Learning Corner by PrecursorEpisode #24: LP POV on Secondaries, CoreWeave/NVIDIA Growth Loop, Questioning Traditional Reserves StrategiesThis episode of The Learning Corner kicks off with an introduction and overview, setting the stage for a deep dive into Cendana Capital's unique approach to secondaries and small fund liquidity. The conversation moves on to the concept of tourist fund managers, offering insights on how founders can evaluate them effectively. The growth of CoreWeave under the influence of NVIDIA is explored, raising questions about the sustainability of AI infrastructure companies. The discussion then shifts to the challenges surrounding reserve funds and follow-on investments. The episode wraps up by examining the balance between supporting founders and adhering to investment strategy...
2025-03-2017 minThe Learning Corner by Precursor
The Learning Corner by PrecursorEpisode #23: Unique Revenue Channels For Vertical AI, Ghosting in Venture, Is Data Driven VC Over?In this episode of The Learning Corner, the discussion begins with an introduction to the podcast and hosts, followed by an overview of Harvey AI's impressive $300M Series D funding round. The conversation then shifts to a TechCrunch article addressing the issue of VC ghosting and the frustrations it causes for founders. The episode also examines the tendency of AI startups to exaggerate their traction, introducing the concept of "annual curiosity revenue." Lawrence Lundy Brian's post on the future of data-driven venture capital is explored, highlighting its potential impact. The episode concludes by examining the intersection of AI, data-driven investing...
2025-03-1324 minThe Learning Corner by Precursor
The Learning Corner by PrecursorEpisode #22: Secondaries Across Venture, Stripe's Tender Offer, Knowing How Much Is Too Much To FundraiseThe discussion turns to venture capital insights, focusing on the importance of liquidity in the ecosystem. The nuances of secondary sales and the role of employee liquidity are explored, shedding light on their significance for startup growth. Attention is given to the challenges of overfunding and the necessity for capital efficiency in startups. The episode features a thoughtful discussion on a blog post, offering additional perspectives. It wraps up with closing remarks and a note of gratitude to the listeners. Chris Farmer Interview, Strictly VC Download Podcast Stripe's Valuation Climbs to $91.5b in Secondary Stock Offer by CNBC Drinking...
2025-03-0621 minThe Learning Corner by Precursor
The Learning Corner by PrecursorEpisode #21: Anthropic's Latest Raise, Internal Turf Wars in Big Tech, IPO Alternatives In VentureIn this episode of The Learning Corner, the conversation begins with an introduction to the hosts before diving into Anthropic's recent AI funding and the competitive landscape of large language models. The discussion then addresses consumer adoption of AI tools and Google's struggles in AI development. Attention is given to the impact of internal politics on tech innovation, exploring how organizational dynamics can hinder progress. The episode shifts to trends in the venture ecosystem, focusing on IPOs and secondary liquidity. It concludes with an analysis of the evolving venture model, highlighting the increasing importance of financial sophistication. AI startup...
2025-02-2719 minThe Learning Corner by Precursor
The Learning Corner by PrecursorEpisode #20: AgTech and Venture Capital, Signs of a Failing Company, What The Heck Does Pre-Seed Even Mean?In this episode of The Learning Corner, the conversation kicks off with insights into understanding the role of Agtech in early-stage investing. The discussion then moves to identifying signs that a startup might be on the brink of failure, with a focus on the critical role of product velocity. Attention is given to recognizing red flags in founder behavior that could signal potential challenges. The episode concludes with a detailed exploration of pre-seed rounds, highlighting their significance and impact on the broader venture capital landscape. Is Agtech Broken for Venture Capital—or Are We Asking the Wrong Question? by Sa...
2025-02-2018 minThe Learning Corner by Precursor
The Learning Corner by PrecursorEpisode #19: Venture Capital 3.0, Deciphering Early Stage Traction, 90's Tech Bubble vs. Current AI ValuationsIn this episode of The Learning Corner, the discussion kicks off with an introduction to the podcast and the significance of ARR milestones in the startup journey. The conversation then transitions into the evolving landscape of venture capital in the AI era, examining AI's influence on VC operations and the unique challenges faced in pre-seed funding. The episode delves into the nuances of analyzing early-stage traction, debunking common misconceptions. A comparison is drawn between the current AI investment hype and the 1999 tech bubble, offering insights into the potential parallels. The episode wraps up with a forward-looking perspective on AI investment...
2025-02-1319 minThe Learning Corner by Precursor
The Learning Corner by PrecursorEpisode #18: Founders Quitting vs Stopping, The Rise of Spinout VC Funds, AngelList State of Venture ReportIn this episode of The Learning Corner the episode delves into Hunter Walk's essay, exploring the critical themes of founder perseverance and timing decisions in the startup journey. The conversation then shifts to a Forbes article examining Sarah Guo's recent fundraise and the opportunity of spinouts across venture capital. The episode also reviews the AngelList state of venture report, offering a comprehensive look at current and future trends in seed and venture dynamics. I never want founders to QUIT, but sometimes they should STOP by Hunter Walk Goodbye Golden Handcuffs, Inside the Partner Exodus Rippling Across Venture Capital by...
2025-02-0619 minThe Learning Corner by Precursor
The Learning Corner by PrecursorEpisode #17: DeepSeek, Importance of Running a Fundraising Auction, Growing Seed Round SizesIn this episode of The Learning Corner, the discussion begins with an introduction to the podcast, setting the stage for an analysis of DeepSeek and ripple effects across venture, the public markets and startups. The conversation then shifts to predicting the future of AI, focusing on the potential of low-cost models. The episode explores auction-based fundraising, offering practical advice for founders. The importance of maintaining an updated diligence room for founders is emphasized, followed by a discussion on the dynamics of seed rounds, where size truly matters. The challenges and tips for founders navigating large seed rounds are also covered...
2025-01-3020 minThe Learning Corner by Precursor
The Learning Corner by PrecursorEpisode #16: Pre-Seed/Seed M&A Activity, Solo Founders, Harvey $3B Raise, Fund Performance RecalibrationsIn this episode of The Learning Corner, the conversation begins with an engaging overview of the current venture ecosystem, setting the stage for a discussion on M&A trends in venture capital. The focus then shifts to the unique challenges and dynamics faced by solo founder startups. The episode explores the rise of legal AI startups and their significant impact on the industry, followed by insights into AI's broader influence on professional services. The discussion also addresses how to navigate valuation resets within the venture capital landscape. The episode concludes with thoughtful closing remarks, bringing together the key themes explored.
2025-01-2320 minThe Learning Corner by Precursor
The Learning Corner by PrecursorEpisode #15: Andrea Funsten, Robert Vinall, Manny MedinaIn this episode of The Learning Corner, the conversation opens with a warm welcome, setting the stage for an exploration of transparency in venture capitalists' investment memos. The discussion then transitions to a presentation on the lessons learned from mistakes of omission in investing, offering valuable insights into recognizing and avoiding missed opportunities. The episode also delves into a LinkedIn post discussing the intersection of SaaS founders, AI, and evolving business models, highlighting the innovative ways these elements are reshaping the industry. Why Venture Capitalists Rarely Share Investment Memos by Andrea Funsten Mistakes of Omission by Robert Vinall Sorry...
2025-01-1719 minThe Learning Corner by Precursor
The Learning Corner by PrecursorEpisode #14: The Information, TechCrunch, LifeSciVC (shared by Jay Ripley)In this episode of The Learning Corner, the discussion kicks off with insights into venture financing, setting the groundwork for a deep dive into Bench's shutdown and the dynamics between investors and founders. The conversation then navigates the complexities of venture debt, highlighting potential pitfalls, and addresses trust issues in founder-investor relationships. An exploration of Silicon Valley's unique venture capital landscape is followed by strategies tailored for non-Valley founders. The episode also delves into venture capital economics and fund strategies, comparing exits in biotech and emerging sectors. Accounting Startup's Sudden Shutdown Adds to Fintech Woes by The Information Silicon...
2025-01-1019 minThe Learning Corner by Precursor
The Learning Corner by PrecursorEpisode #13: Rob Go, Zain Rizavi, New York TimesThis is the last episode of 2024 for The Learning Corner, and it's packed with great insights from across the ecosystem. The discussion first shifts to the dynamics of founders choosing firms and people, offering recommendations for repeat founders and insights into risk assessment. The episode delves into investment strategies, emphasizing timing and due diligence, and compares public and private market investing. An exploration of the history and evolution of venture capital is provided, alongside an analysis of founder preferences and decision-making. The dialogue highlights significant learning moments and predictions for the venture ecosystem, wrapping up with closing remarks and expressions...
2024-12-2019 minThe Learning Corner by Precursor
The Learning Corner by PrecursorEpisode #12: Peter Walker, Benedikt Langer, Aaron LevieIn this episode of The Learning Corner, the conversation begins with an introduction to the series, leading into a discussion on graduation rates from seed to series A. The analysis delves into factors influencing these rates and emphasizes the importance of patience in investment. The focus then shifts to the balance between profitability and growth in startups, followed by insights on building reputation and personal brand within the venture ecosystem. The episode explores marketing strategies in venture capital and discusses Aaron Levie's post about AI agent pricing. A look into the future landscape of B2B SaaS is provided before...
2024-12-1322 minThe Learning Corner by Precursor
The Learning Corner by PrecursorEpisode #11: Chris Neumann, Forbes, The EconomistIn this episode of The Learning Corner, the conversation opens with insights into current market turbulence, setting the stage for a discussion on navigating silence in Silicon Valley. The episode then explores limited partners' perspectives on the future of venture capital in 2025 and examines the evolving dynamics of early-stage ventures. The narrative shifts to Sequoia Capital's business model evolution, highlighting adaptive strategies in a changing market. The discussion continues with a focus on enhancing founder relationships and providing robust venture support, emphasizing innovation within the venture capital sector. The episode concludes with closing thoughts and appreciation for the audience. ...
2024-12-0620 minThe Learning Corner by Precursor
The Learning Corner by PrecursorEpisode #10: Euclid Insights, Benedict EvansIn this episode of The Learning Corner, the journey begins with an introduction to the series and a lively discussion about ChatGPT. The conversation then delves into the concept of Service as a Software, weighing its pros, cons, and cost implications. The exploration continues with a look at AI and SaaS models within the Precursor portfolio, emphasizing the balance between services and scalability in product development. A brief sponsor message from Euclid Insights is shared. The dialogue compares AI to historical technological advancements, enriched by personal anecdotes on its practical use. The episode concludes with closing remarks and a heartfelt...
2024-11-2919 minThe Learning Corner by Precursor
The Learning Corner by PrecursorEpisode #9: Jamin Ball, Hunter Walk, Menlo VenturesIn this episode of The Learning Corner, the discussion kicks off with an introduction to the series, setting the stage for a deep dive into venture capital incentives and their impact on valuations. The conversation then explores the influence of large funds on market valuations and examines hiring strategies, debating the merits of missionaries versus mercenaries. Strategies for sustainable growth and the realignment of incentives are analyzed, followed by valuable seed investing insights from Hunter Walk. The episode also addresses the rise of generative AI in enterprise applications, before concluding with a sign-off. Misaligned Incentives by Jamin Ball Winning...
2024-11-2220 minThe Learning Corner by Precursor
The Learning Corner by PrecursorEpisode #8: Bowery Farms, Sapphire Partners, Patricia Halfen WexlerIn this episode of The Learning Corner, the focus begins with the crucial task of managing raised funds, setting the stage for a discussion on the collapse of Bowery Farming and the pivotal investment decisions involved. The narrative unfolds to explore unexpected risks and factors contributing to startup failures, emphasizing the importance of managing business dependencies and evaluating market size. The strategy and impact of venture reserves on investments are examined, followed by insights into the dynamics of follow-on investments. The episode also delves into the future and industrialization of the venture ecosystem, contrasting opportunities and strategies for small versus...
2024-11-1523 minThe Learning Corner by Precursor
The Learning Corner by PrecursorEpisode #7: Ubiquity Ventures, WSJ, Equal VenturesIn this episode of The Learning Corner, we begin with an exploration of the pivotal role seed investors play in the venture ecosystem. The discussion then shifts to the unique traits and challenges faced by solo General Partners. The potential valuation surge of AI startup Perplexity is analyzed, alongside broader monetization strategies within the AI space. Insights from an emerging venture manager provide a fresh perspective on current trends. The conversation also covers the importance of sustaining collective success in seed investing and offers guidance on navigating career transitions within venture management. 3 Things Founders Will NEVER Hear From a...
2024-11-0818 minThe Learning Corner by Precursor
The Learning Corner by PrecursorEpisode #6: Pitchbook NVCA Venture Monitor Q3 2024 ReportThis episode of The Learning Corner delves into the key insights from the Q3 2024 PitchBook NVCA Venture Monitor, analyzing its implications for the venture ecosystem. The discussion highlights how the current fundraising market is reshaping founder strategies and explores the consequences of limited distributions on venture capital dynamics. Performance metrics in venture funds are examined, alongside considerations for LPs. The challenges faced by emerging funds and their pursuit of non-consensus investments are also addressed. The episode wraps up with closing remarks and a call to action for listeners. Q3 2024 Pitchbook NVCA Venture Monitor Report (0:00) Introduction and key insights...
2024-11-0117 minThe Learning Corner by Precursor
The Learning Corner by PrecursorEpisode #5: Euclid Insights, Strictly VCThis episode of The Learning Corner delves into the nuanced debate of ownership versus selection in venture capital, setting the stage for a deeper exploration of Precursor's approach to seed stage investing amidst the current reckoning. The conversation shifts to LP discussions surrounding crypto and AI, offering a glimpse into evolving investment interests. SaaS seed valuations are analyzed, drawing parallels with AI trends. The episode also addresses the responsibilities founders face in a selective market, navigating fundraising hurdles. Finally, General Catalyst's diversified investment strategy is examined, highlighting its focus on customer value strategies. The Seed Stage Reckoning - Euclid...
2024-10-2518 minThe Learning Corner by Precursor
The Learning Corner by PrecursorEpisode #4: David Clark from VenCap International, Continuation Funds by TechCrunch, Neal Sarraf from Forum VenturesThis episode of The Learning Corner explores the evolving dynamics of venture scalability and the pressures that come with it. Expectations for the venture capital industry over the next few years are discussed, with a focus on capital concentration among top-tier VCs. Strategies for non-multistage funds during downturns are examined, highlighting the impact of General Catalyst's new continuation fund. The viability and trade-offs of continuation funds, particularly for smaller funds, are analyzed. The conversation also touches on the changing landscape of seed investing and the importance of maintaining customer focus in a shifting VC environment. David Clark, VenCap International...
2024-10-1821 minThe Learning Corner by Precursor
The Learning Corner by PrecursorEpisode #3: Nnamdi Iregbulem, Jordan Nel, The New York TimesThis episode of The Learning Corner we have another member of the investment team joining us, Marina Girgis! The discussion then shifts to a comprehensive analysis of seed valuations and the various factors that influence them. The conversation continues with an examination of non-consensus deal sourcing and the diligence required in such investments. The impact of current market conditions on CRV's fund returns is also discussed. Seed valuations aren't valuations by Nnamdi Iregbulem Big funds, small funds, and the changing tide by Jordan Nel A venture capital fund does something rare: give money back by The New York Times
2024-10-1121 minThe Learning Corner by Precursor
The Learning Corner by PrecursorEpisode #2: Anthony Kwesi Hagan, Euclid Insights, Sarah Tavel's NewsletterThis week on the Learning Corner we discuss the importance of transparency in LP-GP relationships especially in a time where the growing need for liquidity is top of mind for LPs. We also delve into a rising interest in AI-first roll-ups, the evolution of tech-enabled service providers, and the management of legacy assets. The episode wraps up with insights into risks and strategies in AI seed investing especially as a B2B AI application. Buying Time - Unrealized Returns - Get Used to Waiting! by Anthony Kwesi Hagan The AI-First Roll-Up by Euclid Insights Thinking through the future for...
2024-10-0421 minThe Learning Corner by Precursor
The Learning Corner by PrecursorEpisode #1: Welcome To The Learning CornerCharles Hudson and Mia Farnham kick off the first Learning Corner episode. This week we delved through Hunter Walk's piece on VC misconceptions, the impact of Open AI's new fundraising and Lead Edge Capital's information hierarchy shared in letter form. (0:00) Introduction and Background of Precursor Ventures (4:38) 24 Venture Capitalists Tell You "What One Thing Do They Wish People Better Understood About VC" by Hunter Walk (10:16) Trends in Fund Size and LP Expectations (15:19) Open AI's New Fundraise is Shaking Up Silicon Valley - The Economist (26:23) Lead Edge Capital's Hierarchy of Reported Information - Shared via Sheel Mohnot LinkedIn (29:53) Adapting to Investor Expectations...
2024-09-2730 minMamamia Out Loud
Mamamia Out LoudRoxy Jacenko And A Weight Loss Drug WarningListen to our latest subscriber episode: The Meanest Things Anyone Has Ever Said About You Subscribe to Mamamia Roxy Jacenko has shared a cautionary tale after she went against her doctors advice regarding a weight-loss drug. We unpack why Roxy's experience is no joking matter. Plus, what is a frenemy and why are they the worst relationships for you? Holly, Mia and Clare have thoughts. And, does menopause have to be sexy? We decide if it's time to give women a break. The End Bits Listen to our...
2023-09-0440 min