Coalition Investing and the Case for Venture Capital Without a Fund Manager
Your Most Valuable Asset Is Being Walled Off by the Fund You Invested In
Venture Capital 2.0
Research and operating intelligence for venture studios, fund managers, founders, angel investors, and allocators navigating the collapse of legacy VC.
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Carta's Latest Founder Data Says What Carta Can't
Wasserman's Data Has Not Improved Visual companion — John Cowan, Next Wave Partners Founder Dilution Trajectory Exit Waterfall Comparison The Structural Trajectory of Founder Ownership
You Can't Reindustrialise with Casino Money
Dan Gray diagnosed the disease. Here's why the cure requires new financial architecture, not just new companies.
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Coalition Investing and the Case for Venture Capital Without a Fund Manager
Your Most Valuable Asset Is Being Walled Off by the Fund You Invested In
Carta's Latest Founder Data Says What Carta Can't
Wasserman's Data Has Not Improved Visual companion — John Cowan, Next Wave Partners Founder Dilution Trajectory Exit Waterfall Comparison The Structural Trajectory of Founder Ownership
You Can't Reindustrialise with Casino Money
Dan Gray diagnosed the disease. Here's why the cure requires new financial architecture, not just new companies.
Nineteen Cents on the Dollar: Breaking Down AngelList's Venture Fund Report
AngelList just published the most comprehensive fund performance data available for emerging managers. The numbers confirm what many of us have been talking about for years, and they point toward something better.
2026 Venture Capital Industry Forecast
Everything you need to know about the VC industry for 2026
Exclusive Report: Family Office and Fund of Funds Market
The venture capital industry has built an extraordinarily sophisticated machine for deploying capital into private markets. It has built almost nothing to get that capital back out.
The Economic War Peter Thiel Doesn't Talk About (and Probably Doesn't Want to)
Misdiagnosis or Misdirection? Peter Thiel is right that we're in an economic war, but wrong about who's fighting it. The conflict is
Breaking Down Goldman Sachs' Acquisition of Industry Ventures
There is blood on the streets, and Goldman just bought the mop company. Its deal to acquire Industry Ventures is an acknowledgment that the crisis is
Introducing The Portfolio Allocation Matrix - A Risk Modeling Framework for Venture Studios
From Deal Structure to Portfolio Strategy Most venture studios fail because they try to develop the wrong companies at the wrong time, or they try to
Capturing Dislocation Alpha: The Venture Studio Hedge Against the AI Bubble
The Contrarian Investment Thesis The AI venture capital bubble will inevitably unwind over the next several years, creating an unprecedented opportunity for value capture in the
Venture Studios and Family Offices: Breaking From Fund Economics to Unlock Capital
The Convergence of Studios and Family Offices For decades, venture capital has operated as a closed ecosystem between institutional Limited Partners (LPs) and the General Partners
The Great LP Exodus: Why Institutional Capital Is Fleeing Venture Capital
Research Dossier for Emerging Managers and Venture Studio Operators
Trump to Bail Out Failing Venture Capital Industry with America’s 401k Retirement Savings
President Trump is preparing to sign an executive order that would open $12.5 trillion in American 401(k) retirement savings to Silicon Valley venture capitalists—
Regulation Crowdfunding: Exploring a Democratic Foundation for Post-VC Innovation Finance
The Traditional Model's Current Challenges The venture capital industry faces significant structural challenges. As documented in comprehensive analyses of the post-2021 market dynamics, traditional
Carta's Charts Don't Lie: The Series A Sprint Is a Cartel-Designed Death Trap
Peter Walker's latest Carta data reveals a brutal truth: if your startup hasn't raised Series A within 24 months of seed funding, you're essentially dead.
2025 VC Forecast Mid-Year Update: The Accelerating Collapse and the $30 Billion Opportunity
Mid-Year 2025 Venture Capital Forecast Update Six months into 2025, the venture capital landscape has evolved in ways that both validate and challenge our initial annual
Venture Capital Cause of Death
I turned a decade of venture capital data into a handy interactive chart to illustrate the moment the VC industry became terminally ill. The cause of
Continuation Vehicles Dossier
Complete Data and Research Blueprints Premium Subscriber Exclusive Edition
Subtracting the Giants: How to Escape the Venture Capital Collapse
Remove mega-funds from VC data: $368B→$50B. That's an epic collapse hidden by Venture Banks. The good news? The exodus sparked a funding revolution—venture studios, revenue financing, corporate VC. The old guard killed VC. The vanguard doesn't need it.
What Carta's Peter Walker Won't Say, But I Will
The Venture Model Isn't Broken Because Founders Raised Too Much—It's Broken Because 46% of Seed Rounds Are Now Bridge Rounds to Nowhere
Bridge to Nowhere: How the Seed-Stage Loop Exposes Venture Capital’s Structural Crisis
Seed-stage startups are increasingly stuck in funding limbo, with record bridge rounds replacing Series A progression. This isn’t a founder failure—it’s part of the systemic breakdown in venture capital structure.
Why I Left Canada — And Why I Still Believe It Can Lead
My journey from National Party candidate to international founder, arguing that Canada’s brain drain is reversible with pragmatic, pro-builder policies—and that Canada has a rare 100-year opportunity to lead the next economic era.
How Venture Studios Deliver What Corporate Investors and VCs Can’t
Discover why venture studios are emerging as the preferred innovation vehicle for corporates and institutional investors seeking alignment, speed, and ROI.
A Live Dilution Model Every Software Founder Should Understand Before Fundraising
A founder prepares to raise venture capital—unaware that each round chips away at ownership, control, and future leverage. This case study breaks down a dilution model that reveals the hidden costs behind every funding milestone. Read before you raise.
Assessing Startup Stock Allocation
Startup equity allocation is one of the most consequential decisions founders face. This article introduces a simple spreadsheet tool for founders and venture studio operators to help navigate a tricky subject.
Beyond Accounting: Why Venture Studios Must Separate Financial Oversight from Investment Strategy
This article highlights the importance of independent CFO oversight in venture studios to prevent conflicts of interest and proposes a governance framework for Venture Studio Operators
Broligarchy Endgame: Total Monopoly Through Government-Backed Intelligent Infrastructure
This multi-part essay explores Silicon Valley’s meteoric rise in influence over public infrastructure, the monopolization of autonomous systems, and what can be done to prevent a new era of digital feudalism in the wake of the current regime’s ambition to run America like a private corporation.
2025 Strategic Framework for Venture Studios - Part I: Venture Reciprocity Re-revisited
Welcome to the 2025 Venture Studio Framework. Part I further elaborates on Venture Reciprocity, addressing why traditional models fail. Part II outlines optimal governance and multi-state operations. Part III unveils revenue-based financing as the key to sustainable growth.
2025 Venture Capital Industry Forecast
In 2024, capital concentration among dominant VC firms reached unprecedented levels. As inefficiencies widen, 2025 will mark a recalibration of early-stage investing, with venture studios emerging as a sustainable model to fill funding gaps and challenge the Power Law Cartel.
Alternative Financing Strategies for Venture Studio Managers: Analyzing Safer Returns
Venture studios face challenges with traditional VC models tied to long-term illiquidity and Power Law returns. This analysis explores the potential of the Safer model—a revenue-based financing approach
Analysis: Wefunder's New Hybrid Investment Instrument
Subscribe now to learn about Wefunder’s new SAFE+Revenue Loan and explore how it could impact startup financing and which tech segments are best suited to take advantage of it.
Geographic Alpha: Using Spatial Arbitrage to Optimize Venture Studio Strategy
This research introduces the Spatial Arbitrage™️ framework, a quantitative methodology for evaluating markets based on talent mobility and growth potential. Subscribe to access the full analysis, including rankings, scoring methodology, implementation framework, and LP evaluation guidelines.
A Constructive Critique of Time Dislocation Theory in Venture Capital
This isn't a cyclical downturn to be waited out - mounting evidence suggests we're witnessing the death of a funding model that can no longer sustain its own mathematics, creating space for new approaches better adapted to funding next-generation innovation.
Lipstick on a Unicorn: Continuation Funds and the Art of VC Self-Deception
The venture capital industry’s gravitation to continuation funds masks deeper structural issues and points to an industry clinging to life, not re-invention.
The Globalization of Innovation Investing: A Revolution in the Wake of Venture Capital's Collapse
Globalized, borderless innovation and investment will rise from the rubble, helping to transform the startup funding landscape for the next wave
The Unicorn Hangover: A Decade of Reckoning Looms for Venture Capital
We may be well into the 2030's before the venture asset class returns
Professionalizing the Venture Capital Industry Through Public Markets: Lessons from Bill Ackman's Strategy
The professionalization of venture capital will be forged in public offerings, and Bill Ackman reveals how it can be done
Sequoia's Evergreen Fund and the End of Traditional Structures
A detailed examination of Sequoia's Evergreen Fund reveals the future of venture capital
The DNA of Great Founders
Entrepreneurship cannot be taught. The elements of a great founder are like DNA and can, therefore, be mapped.
Evergreen Funds and the Remaking of the Venture Capital Asset
The future of venture funds is Evergreen. Coupled with the venture studio business model, a new paradigm awaits
The Extinction of Venture Capital as We Know It and the Rise of the Venture Studio Business Model
A new model is emerging to take the place of the failing unicorn investment thesis. Welcome to the Venture Studio era.
How the AI Unicorns Will Spark the Next Big Venture Capital Implosion
VCs use irrational public comparables to inflate portfolio valuations that justify more and bigger funds predicated on irrational investing in AI companies.
Machines are Eating the World: The Data Gravity Investment Thesis in the Era of Autonomy
The wealth created following the advent of the smartphone gives us a blueprint for investing in the Era of Autonomy.
Creative Destruction: The Business of Collegiate Sports in the NIL Era
Most times we only get to observe creative destruction in the past tense, but the rapidly evolving Collegiate NIL market reveals creative destruction in real time. This provides a blue print for investors and innovators to capture a new market.
Tesla's Disruptive Force: The Platform Business Model that Snuffed Out Apple
Apple's failed attempt to invent an EV is a caution flag for investors and a lesson in strategy failure
'Safer' Strategies: Rethinking Startup Investment
A case study from my initial experience pricing Safer investment transactions for early stage companies
Vanishing Equity: The Financial Sorcery of Venture Capital
Founders will give up more than 80% of their company over four rounds of venture investment. Venture Capital firms use a suite of finely-tuned instruments to manifest this excessive equity dilution.
The Power Law Cartel in Venture Capital
Venture Capital is controlled by a handful of firms - the Power Law Cartel - and the failure of their Unicorn investment strategy exposes both problems and opportunities for the industry.
America's Innovation Paradox
America's "Innovation Paradox" arises from the mismatch between the current capital investment thesis and the necessity of investment into nationwide sustainable digital infrastructure initiatives.
Public-Private Partnerships in the Era of Autonomy
The American economy and its global economic dominance in the world are at a critical point in history. The decisions and strategies to embrace and capitalize on rapidly evolving technologies are crucial for national security.
The Anatomy of a VC Bubble
There are many lessons to be learned from this VC bubble as the process of inflating the bubble charts a predictable course that suggest how the market could play out for for the Generative AI market - the newest input to the VC fund machine.