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
Research and operating intelligence for venture studios, fund managers, founders, angel investors, and allocators navigating the collapse of legacy VC.
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Your Most Valuable Asset Is Being Walled Off by the Fund You Invested In
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
Dan Gray diagnosed the disease. Here's why the cure requires new financial architecture, not just new companies.
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Your Most Valuable Asset Is Being Walled Off by the Fund You Invested In
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
Dan Gray diagnosed the disease. Here's why the cure requires new financial architecture, not just new companies.
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.
Everything you need to know about the VC industry for 2026
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.
Misdiagnosis or Misdirection? Peter Thiel is right that we're in an economic war, but wrong about who's fighting it. The conflict is
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
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
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
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
Research Dossier for Emerging Managers and Venture Studio Operators
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—
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
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.
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
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
Complete Data and Research Blueprints Premium Subscriber Exclusive Edition
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.
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
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.
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.
Discover why venture studios are emerging as the preferred innovation vehicle for corporates and institutional investors seeking alignment, speed, and ROI.
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.
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.
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
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.
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.
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.
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
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.
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.
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.
The venture capital industry’s gravitation to continuation funds masks deeper structural issues and points to an industry clinging to life, not re-invention.
Globalized, borderless innovation and investment will rise from the rubble, helping to transform the startup funding landscape for the next wave
We may be well into the 2030's before the venture asset class returns
The professionalization of venture capital will be forged in public offerings, and Bill Ackman reveals how it can be done
A detailed examination of Sequoia's Evergreen Fund reveals the future of venture capital
Entrepreneurship cannot be taught. The elements of a great founder are like DNA and can, therefore, be mapped.
The future of venture funds is Evergreen. Coupled with the venture studio business model, a new paradigm awaits
A new model is emerging to take the place of the failing unicorn investment thesis. Welcome to the Venture Studio era.
VCs use irrational public comparables to inflate portfolio valuations that justify more and bigger funds predicated on irrational investing in AI companies.
The wealth created following the advent of the smartphone gives us a blueprint for investing in the Era of Autonomy.
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.
Apple's failed attempt to invent an EV is a caution flag for investors and a lesson in strategy failure
A case study from my initial experience pricing Safer investment transactions for early stage companies
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.
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" arises from the mismatch between the current capital investment thesis and the necessity of investment into nationwide sustainable digital infrastructure initiatives.
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.
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.