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Series F - Issue #51: The Future of Venture Capital


Series F

April 1 · Issue #51 · View online

The Future of Venture Capital

👋🏻 Happy (Easter) Sunday! 🐣
This is Series F, a (hopefully) insightful weekly curation of the latest developments dictating the future direction of the venture capital industry.
Firstly, apologies for the lack of Series F last week, I was finally flattened by the flu that EVERYONE seems to have had over the last month or so. 
This is only a fleeting return to your inbox though, as I’m taking next weekend off as holiday, I know after 50 issues I shouldn’t be playing hard to get still but I just can’t help myself. 
Enjoy this issue and your break if you’re taking one, see you in 2 weeks 🚀
Curated by @neilswmurray

Upsetting the Apple Cart 🍎
“Rather than chase popular narratives, Bedrock’s approach is to invest when companies are incongruent with the narrative. Simply put, we search for narrative violations.
The term narrative violation aptly describes many of today’s greatest technology investment opportunities. They are either too one-of-a-kind to fit with the popular narratives of the day, or they violate what the narrative gatekeepers deem plausible or possible.”
Why this matters?
- This was just too beautiful of a “why” post not to highlight. In a world where risk and being contrarian are encouraged, the truth is that the majority of the time it’s suppressed. The reality of delivering returns to LPs hardly emboldens risk and contrarianism, and it’s fair to suggest that the traditional LP model has some serious flaws in this regard. It speaks volumes to the state of the model right now, that truly being contrarian with your mission statement and strategy can make you stand out.
- However, it’s not just the LP and returns reality that plays a part in this. The fact is, you need others to believe you are right to attract co-investors, follow-on investors, hell, customers (remember them?). The trick is not going right when everyone else is going left, it’s knowing when to be right. In my opinion, a winning strategy for picking winners combines both approaches. Go with the crowd part of the way, then turning around and running in the face of conventional wisdom, in the right moment. 
Due Diligence 📚
1. “It’s hard to say for sure that Backstage, ROTR, A16Z and USV will have the highest returns in 10 years, but they are all exhibiting high AQ in the face of change” ~> Is Silicon Valley Over? Not if Investors Can Adapt.
2. General Catalyst are launching a $1M search for university-born crypto projects, focused on those that address blockchain’s bottlenecks ~> Open Call: A Million-Dollar Search For Blockchain Platform Projects
3. Remember how your parents told you it doesn’t rain money? They were lying to you. The Night $1 Million in Crypto Began Raining From the Sky
4. It’s safe to predict that a lot of VC $ will be heading to most, if not all of these areas over the next couple of years ~> 50 Ideas to Change the World
5. Family Offices have increasingly experimented with making direct investments into startups ~> Charting the adoption of direct startup investments by family offices
6. Fred Destin: “Talking about mission, societal impact and sustainability should become part and parcel of how we make investment decisions” ~> Amorality and impact in venture capital
7. G20 Ventures believe venture doesn’t scale and is in fact a business with dis-economies of scale ~> Human-Scale Venture Capital
9. Brad Feld shared a number of academic papers exploring the impact of accelerators ~> Academic Research on Accelerators
Always Be Closing ☕️
All feedback and opinions welcomed: @neilswmurray or
Through my Angel Fund, I invest in the most ambitious pre-seed Nordic startups.
In May I will be spending a week in San Francisco 🇺🇸
I am looking to connect with people who are interested in learning more about or having more exposure to the Nordic and European ecosystem. If that’s you or you know who that is, please do reach out to me! 👊🏻
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