Luke Janssen

Striking: Zenobē, a UK climate tech startup, raised £600m from KKR and £270m from Infracapital, bypassing VC entirely. Zenobe captures excess energy from wind farms to stabilize the grid and reduce gas power reliance. This means: Zenobe secured one of 2023's biggest startup fundraises — without any venture capital. #battery #fundraising #venturecapital #energystorage #infrastructure #growthinflection Sifted: https://lnkd.in/g8wF-xA5

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Fellow travellers, Another tip today, not a reminder of why we respect the miracle of flight. As the professional incompetents at CATSA change, inconsistently enforce and create random rules for pre flight security I have a simple suggestion for your toiletries (or ‘Dopp’ kit): A.) You need two regulation sized, transparent bags (easily bought only for less than ten dollars). B.) They should be waterproof and seal easily. C.) Have two and split your Dopp kit between wet and dry. Ie toothbrushes, razors, a bar of soap should t count toward your limit. The wet bag can easily be grabbed out of luggage or swapped to briefcase when you need quick access for security. This ensures you are never without supplies and not caught up in weird swabs and scans of your one finagles. Thank you. Fly safe.

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Great article by Partners Group pointing out advantages of our quarterly semi-liquid venture fund, Loyal VC, that I didn't even realise we had. Loyal deploys, and gives returns on, all your capital all the time. Other VC funds force you to hold capital for future deployment in low-yielding assets, and don't count that forced low yield in reporting your returns. To add insult to injury, they still charge you management fees on that low-yielding committed capital!! To us the Loyal way is just more sensible, and better for LPs. It is good to see others agreeing with us. Claudia Zeisberger https://lnkd.in/gbint4Jt

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At the recent TOKEN2049 event in Dubai, Polkadot's inventor Dr Gavin Wood announced the Grey Paper to Jam which is seen in some ways as a successor to Polkadot. In the article below I go over his conversation with the Kusamarian and talk about: - What Jam's Grey Paper is all about - Going beyond Polkadot's current constrains by implementing Jam in the future - The advantages of Jam Core - The Exploration of New Economic Models for Polkadot I will soon do a deep dive article on Jam. If you want to receive The Unchained Web's news articles, opinions and other content, then subscribe to the publication! #technology #finance #economics #polkadot #blockchain

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"All the signs are that big tech has succumbed to irrational exuberance. Runaway spending is one of the risks. Wall Street is already pencilling in expectations that the four firms’ capex could come to an eye-popping $1T over the next five years". Meh, some irrational exuberance in innovation can be a very good thing for humanity. The long term benefits of advancements in things like AI and robotics will be great. Innovations in these spaces will allow humanity to finally disconnect from labor arbitrage being one of the main drivers for development and prosperity. So make it rain Big Tech, make it rain! https://lnkd.in/eQr_qgDK #tech #technology #innovation #deeptech #ai #artificialintelligence #google #facebook #amazon #microsoft #apple #startups #entrepreneurs #entrepreneurship #vc #venturecapital #money #business

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The misunderstood magic of crypto: what is private and public ownership- Satoshi Island style When I think of property I think of possessive individualism. I think of ‘stuff’ that belongs to me discrete from ‘your stuff’, governed by laws, bureaucracy and enforcement. This form of ownership creates a rivalrous and extractive relationship between me, my neighbors, the State and the planet at an onerous cost. But is there another way to create ownership where resources are shared, economic disparity is minimized and our focus is on communal wellbeing rather than individual gain? Yes, and this is where blockchain, tokens and Satoshi Island come in. In a nutshell Satoshi Island members transparently contribute their goods and services to a commitment pool (an economic commons), https://lnkd.in/eJPHkwbQ and in return do not only receive other goods and services (bartering), but transform informal promises (commitments) into tangible assets (RWA), as well as citizen and land NFTs. Citizen NFTs represent adherence to commitments like sharing resources, pooled labor, positive economic engagement, regenerative and peaceful living, and cultural preservation of the Island. Land NFTs represent a time-limited opportunity (lease) to develop the land through partial common ownership incentivized by means like: land value tax (more development, less tax), demurrage (charges for delays) and revenue sharing with other land NFT holders (DAO members). As you can see, land NFTs do not represent the right to infinite ownership where you can exclude everyone from using the land as long as you wish, even if you do not use it in any productive way. This model rewards virtuous development, property stewardship, prioritizes community benefits, and prevents labor exploitation and land degradation. Furthermore, commitment pooling coordinates land management efforts, and creates an economy that accelerates land improvement (aka usufruct). Finally, if you are reading this post and you don’t get it or it sounds too weird, don’t worry- it is. Embracing business models that incentivize us to care about the commons are the OPPOSITE of how we live (clean subway, sidewalks and parking in NYC?). This requires us to undergo what David Shapiro calls: a Radical Alignment with our fundamental truths about human nature and the world around us. https://lnkd.in/eYbd9BU7 Furthermore, this type of alignment is IMO a necessary cure to our nihilistic narrative of individualism that has led us to isolation, polarity and despair. At our core we want to cooperate and the creation of tokenized commitment pools fosters the missing trust and stability we seek. That’s the magic of Crypto on Satoshi Island. (for more details read https://lnkd.in/eMmi7K5u)

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Joanne Chen & Jaya G. of Foundation Cap have a striking new thesis on how AI is going to transform the work landscape! Is AI just going to be a piece of the approx $650Bn software business? Or is AI something that will shake the landscape itself like the Internet did? The term "Software-as-Autonomous-Service" is evocative - it captures the difference between old school Software-without-AI and AI that can make decisions and do things that rule-based software might not stretch to... Individual workers within a company have autonomy to do their tasks to achieve their outcomes.. But till now software companies have only sold tools that put all the autonomy (and risk) with the buyer and user.. Can AI led software companies take on the accountability that is required to move from a tool to a service that buyers can depend on? It's already happening according to this team! See https://lnkd.in/g5PS3aUJ for more details on their thesis, and if it fits the startup you're building, perhaps you might just raise a large round from them :)

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What makes Merak Group so different? You see, I truly believe success begins with cultural fit. And I'm not alone in this thinking, as these statistics prove 👇 ✔️One survey found that private equity firms rated human capital as the top factor in predicting the success or failure of a private equity investment. ✔️ The survey respondents, including private equity investors and operating CEOs, both chose “senior leadership team alignment” and “talent management” as leading factors in value creation. ✔️When speaking about private equity failure, 75% of private equity respondents stated that it was because of a CEO being an ineffective fit for the company culture. After all, you can’t expect to generate results if the foundation isn’t strong and stable, so that’s why I emphasize finding a good cultural fit with our portfolio companies so much. What steps does your organization take to ensure cultural alignment? I'd love to know 👇 #PrivateEquity #CulturalFit #Finance #Investment

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Vishal Sachdev highlights the strategic integration of open source and proprietary tech in architecting tech stacks, developer ecosystems and resulting business models. The world class companies effectively balance value commoditization in open source and value capture in proprietary tech. This is the strategic challenge for companies operating in #blockchain and #AI. I believe those who operate at the intersection of blockchain *and* AI stand to win this strategic battle...

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Time to Tickets? Ditch the Deck, Season 1 Hack 4    Possibly the most frequent question we receive at DXBP. "How long will it take to raise capital?"     The politician’s answer: “it depends…"    Not particularly helpful to the fund manager or entrepreneur trying to map out the raising and deploying of capital, the hiring of team members and the myriad of other aspects involved in running a business.    Our answer: 2x all your thinking and you won’t go far wrong:    2x the amount of time your founder/CEO needs to free up for raising money 2x the amount of Linkedin posting, commenting and activity you even imagined possible 2x the number of conferences, events & gatherings you're attending 2x the number of requests to media outlets to get interviews or coverage 2x the marketing budget you thought you’d need 2x the travel budget you have put aside to meet investors and service providers 2x the amount of ‘not interested’ responses you imagined you’d get 2x the amount of time you will need to spend on raising money 2x the number of you involved in raising capital 2x the amount of capital you thought you needed 2x the number of 1 to 1 calls and meetings you thought would be needed to get 1 ticket 2x the slow down impact of raising across vacation periods 2x the decision making delays from your largest potential investors  2x the pain of getting AML/KYC information from private families (if you’re open to non-professional investors) 2x your worst estimate for the time needed to get your fund accepted onto 1 of the fund platforms 2x the bureaucracy from your fund administrator when you try to book the first tickets    Your marketing, placement and distribution partners will vastly speed up you reaching the right investor segments. With the right narrative this should lead to a larger raise with better partners and terms for you. They will also help prevent you taking meetings for meetings sake.    But.   Don’t expect your partners to defy the laws of time. If they do get you a fast ticket, it’s almost certainly a one-off piece of fortune unlikely to be repeated.    And I’ll finish this week with a story. A halo US entrepreneur that we know received the Willy Wonka Golden Ticket for cap intro – an invitation to the UBS prime event in a secret mid-west location. He did indeed meet some exceptional allocators and influencers, many interested in his current raise. Not his first rodeo and so he knew that when his bankers said he’d be done in 3 months, he budgeted for 6. And 7 months after that event, the first ticket hit the company bank account… How long did your last capital raise take?   If you enjoyed this post, please consider dropping me a like or comment, another one will be coming this way very soon. James Goodman Sarah Machlab David Craig DXB Partners Samantha Lowry Luke Drake Ben P.     

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AI is everywhere. CTOs are responsible for deploying these technologies in a way that does not jeopardise the security or reputation of their companies. We believe Responsible AI is a critically important topic for practitioners to understand & have been spending a lot of time deep diving into the area with our research team leading the charge. In Part I of our research series, we explored why Responsible AI matters. Now, Advika Jalan, Mina Samaan & Nitish Malhotra highlight the early stage companies shaping this landscape. Check it out!

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“Pessimism is the privilege of those who can afford to live in despair. We need to burst the pessimism bubble.” Valid point about pessimism being a luxury belief that has infected much of the developed world. From AI to climate change, there’s so much to be optimistic about despite the doomer narratives. There’s never been a better time to be alive than now, with marvels of science and technology becoming reality everyday…yet some chose to spend their one life on this rock in a state of seemingly permanent misery. Choose to be an optimist instead!You’ll be much better off for it. https://lnkd.in/e4TAiKe4 #tech #technology #innovation #deeptech #ai #artificialintelligence #money #business #future #startups #entrepreneurs #entrepreneurship #vc #venturecapital

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interesting stats from Sifted on the not so good relationship between founders and VCs. There are natural misalignments between founders and investors. It starts with the valuation. Founders want to keep as much equity as possible and therefore have high valuations from the beginning. Investors want control and return so as much equity as possible, which means a low valuation as they come in. That first interaction often sets the tone for what is coming later where both sides do not fully show their cards. It also does not help that founders are often not aligned between themselves. Both sides also show reluctance to get help from outside to manage their relationship, like a dysfunctional couple who refuses to see a therapist...they only see intermediaries as people who can make the first introduction and that is a costly mistake. Most founders and nearly all investors want the company to make an exit, often within 5 years. The sad reality is that only 2% in the UK and often 1% in other countries succeed to exit. The exit itself is a great subject of misalignments that actually cannot be efficiently discussed between founders and investors : most founders don't a have a clear view of what an exit means for them and try to hide that when they are asked by investors. Misalignments are a major cause of this ridiculously low rate of successful exits. When will investors and founders realise they need support in managing they relationship and to help them to get aligned? Dealing with misalignments has become a central activity of Value Squared and partners, so some people get it, but too many still think this is a "nice to have" that they can make the economy of. If both sides are serious about improving their chances of exit beyond the 2% , more founders and investors need to get help to get the right vision and grow together toward a strong exit. #misalignments #investors #startups #investments #valuation

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Going head first talking to investors early on is not a good idea. Don’t get me wrong. Feedback from investors is valuable. But you need to do some ground work first. 𝟭.𝗛𝗮𝘃𝗲 𝗮 𝗰𝗼𝗺𝗽𝗹𝗲𝘁𝗲 𝗳𝗼𝘂𝗻𝗱𝗶𝗻𝗴 𝘁𝗲𝗮𝗺 ↳ Key roles shouldn’t be empty ↳ Balance business and product people 𝟮. 𝗧𝗮𝗹𝗸 𝘁𝗼 𝘆𝗼𝘂𝗿 𝗰𝘂𝘀𝘁𝗼𝗺𝗲𝗿𝘀 ↳ Don’t be delusional about their problem ↳ Get some key statements about their pain 𝟯. 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵 𝘆𝗼𝘂𝗿 𝗺𝗮𝗿𝗸𝗲𝘁 ↳ You should know more than the investor ↳ Understand your competitors 𝟰. 𝗣𝗿𝗲𝗽𝗮𝗿𝗲 𝗮 𝗱𝗲𝗰𝗸 𝗮𝗻𝗱 𝗴𝗲𝘁 𝗳𝗲𝗲𝗱𝗯𝗮𝗰𝗸 ↳ Make sure you cover the main parts ↳ Discuss with founders and iterate on it 𝟱. 𝗛𝗮𝘃𝗲 𝗮𝗻𝘀𝘄𝗲𝗿𝘀 𝘁𝗼 𝗺𝗼𝘀𝘁 𝗽𝗼𝘁𝗲𝗻𝘁𝗶𝗮𝗹 𝗾𝘂𝗲𝘀𝘁𝗶𝗼𝗻𝘀 ↳ Don’t let questions surprise you ↳ Prepare your investor FAQ Use investor meetings as a learning opportunity. But put a good foundation beforehand. Prepare as for meeting the final boss in Super Mario. 😉 P.S. What else would you do to prepare? Drop a line below.

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Another smashing Tin Men School event done and dusted last week. This time I got to answer some very interesting questions. What most never discuss is that as VCs, we have to pitch for funds too. It’s a similar process, just that it’s to LPs. Some great topics from the floor that we got to discuss over Q&A: 💭 Q: How important is the deck? A: It’s for everyone who’s not in the room. It’s easy to refer to incase an investor forgets, but it shouldn’t steal the show. I often present without one. Treat it as a conversation - tends to work more naturally and without the audience being distracted by the screen. 💭 Q: What should startups do more of in fundraising? A: Share your ‘why’, people buy the why. When you do that you tell the story in a way that’s unique to you. Ask for specific feedback: Don’t accept generic feedback like: “It is not in our mandate.”  Get to the underlying ‘Why’ so you can make changes.  Qualify investors and keep list of them to focus your time on.  We are selling trust. When the time is right, it’ll pay off. 💭 Q: How important is personal branding for founders? A: It can’t hurt to have a strong brand, it increases the familiarity before outreach. For platforms like Linkedin - the big cost is time. Be strategic, but don’t overdo it. 💭 Q: Would it be better to raise from the US since there’s more capital there? A: It depends. Not every founder has a strong network in the states. Without an edge and business relevance, it can be tougher to raise your round, though not impossible. There’s capital in Asia, though not as deep as the US, but you’ll have to put some effort to find it. Eugene Cheng 🪄 also shared some very useful technical know-how in building pitches and a compelling fundraising stories. I’ve gotten feedback that plenty of founders found value in this session. Big thanks to our partners AppWorks and Aspire for working with us to make this possible. P.S. We’re always looking to invite experts with relevant insights to share with founders in our community at Tin Men Capital. Know someone to recommend? Tag em’ in the comments.

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To build a multi-agent system, start simple, validate your design, then gradually scale. When I spoke to Chi Wang, the creator of AutoGen, he explained why. Deploying one or two agents at first allows builders to evaluate and refine the core design and interaction patterns before introducing additional complexity. This method also streamlines debugging and optimization because it makes it easier to trace issues back to specific agents. Our full conversation here: https://lnkd.in/gEKmExu4

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Fundraising lessons from the past 12 months + a chat with Ken Thomas (Backfuture VC) https://buff.ly/3ziCRmE Delve into a year of fundraising insights with an exclusive discussion featuring Ken Thomas from Backfuture VC. Acquire valuable knowledge and strategies in the ever-evolving realm of fundraising, navigating obstacles, and capitalizing on opportunities in the venture capital landscape. Draw inspiration and practical guidance from seasoned professionals. Stay abreast of current trends and optimal approaches to enhance fundraising endeavors. #VCInsights #CapitalRaising.

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