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"The world has changed. And we are unprepared. But there is a better way." Forge Industrial Acceleration at Isembard

Today I’m proud to introduce 201 Ventures (201 Ventures) — a new firm advancing freedom and autonomy in Europe. We back PhDs who can win a bar fight.

more startups building in hardware. but there has been little creativity on financing these companies i like Brett Bivens thinking around this venturedesktop.substack.com/p/the-rise-of-…

In an era of deglobalization this is a good bet ...

Back to building!

I did something atypical in my weekly musings this week and posted *an essay* 😵. From software to hardware, struggling through a mental model. Beginning excerpt here... Maybe it's the fact that I had a kid, maybe it's general ambivalence towards the multitude of me-too

Brett Bivens and I wrote about how crisis creates New Industrial champions. Welcome to the Urgent Buyer Era venturedesktop.substack.com/p/the-urgent-b…

Urgency on the horizon in critical industries

interesting article on a new asset class emerging to back new industrial companies from Gregory Bernstein and Brett Bivens

x.com/i/article/1927…

Capital Intensity Isn't Bad. Elon Musk reportedly owns 42% of SpaceX. Travis Kalanick owned 8.6% of Uber at IPO. Hardware startups can be more capital efficient than software ones, and they spend money on assets that create moats instead of increasingly expensive customer

In this week's Not Boring, I teamed up with Tangible co-founder William Godfrey to argue that founders and investors shouldn't be scared of capital intensity, and to explain how founders should think about financing their assets: notboring.co/p/capital-inte…

The quote below, from Will Manidis, is worth the consideration of every venture investor, GP and LP. (It's also core to the mission of Equidam: making idiosyncratic ideas more legible for finance.) As a product of incentives, capital in VC has gravity. It is inclined to

The world is waking up to what I wrote about and started betting on heavily in 2019. As I said then, the "next two decades of private market returns will be be driven by those who can allocate debt in a sophisticated manner, who understand how to finance capex / M&A, and who have