Episode #44: Founding Engineers Are Impossible To Hire, Regulators Come For AI Therapy Chatbots, What VCs Get Wrong About Hiring

This week on The Learning Corner, we dig into the changing dynamics of talent, regulation, and hiring in venture. We start with the San Francisco Standard’s piece on why founding engineers are suddenly the most coveted hire in Silicon Valley, and how the expectations for technical co-founders have shifted post-AI. Next, we explore Platformer News’s report on the political crackdown on AI therapy bots. As states move to regulate AI mental health tools, we debate where the line should be drawn between helpful support and unlicensed therapy, and what it means for builders in this space. Finally, we unpack Amplify Partners’ post on why most VC firms hire associates wrong. Charles shares what he’s learned from hiring across multiple funds at Precursor, and we discuss what it looks like to truly invest in future partners from the earliest stages of their careers.

Episode #43: Two Silicon Valley Modalities, Are VCs Independent Thinkers?, 20 Somethings Swarming SF

This week on The Learning Corner, we explore three perspectives shaping how startups get built and funded in today’s environment. We start with Aditya Agarwal’s LinkedIn post on the two competing startup modalities in Silicon Valley: those building in legible, fast-moving spaces where speed is the moat, versus those tackling illegible, contrarian ideas that take longer to crystallize. We discuss how investors say they want one, but often fund the other. Next, we dive into Rosie Bradbury’s PitchBook piece on whether VCs are truly independent thinkers. We break down new data showing how frequently top firms co-invest, and what it means for the myth of proprietary deal flow. Finally, we unpack the New York Times’ coverage of the wave of 20-something founders flooding San Francisco to build AI startups. From teen dropouts to meme marketing, we reflect on how this boom compares to past cycles and what might be different this time around.

Episode #42: The "Winners" in AI Today, DaaS Is Not Venture Backable, Seed Rounds Grow As Startups Shrink

This week on The Learning Corner, we dive into three sharp pieces exploring the evolving shape of venture. We kick off with Elad Gil’s take on why AI markets are finally gaining clarity, with key winners emerging across foundational models, code, legal, and customer experience. We ask: can new entrants still break through if they’re not one of the early, well-capitalized names? Next, we unpack Auren Hoffman’s argument that data businesses, while solid, often aren’t built for venture scale. As more investors rethink their appetite for pure-play DaaS models, we explore where data companies can still attract VC interest, especially as AI blurs the line between tooling and infrastructure. Lastly, we discuss Tomasz Tunguz’s piece on why seed rounds are getting larger even as startups shrink. From inflated pre-seed valuations to AI-powered team efficiency, we reflect on the new expectations being placed on early-stage companies and where those pressures might lead next.

Episode #41: Investor to Fund Manager, Picking the RIGHT Capital, Seed Is Experiencing A Crisis

This week on The Learning Corner, we dive into the evolving reality of seed-stage venture capital. We kick things off with takeaways from the Superclusters podcast, where the team at Screendoor shares what LPs are really looking for in emerging fund managers today. Charles reflects on how the role of a fund manager shifts as firms scale, and what skills matter most beyond just investing. Next, we unpack a thoughtful post by Halfdays founder Ariana Ferwerda on how founders should approach choosing investors. We discuss the subtle red flags that surface post-term sheet and what questions can help founders protect their long-term vision. Finally, we break down Rob Go’s post on the existential moment facing seed VC, exploring whether this is just a temporary reset or a long-term shift in how early-stage investing works. Whether you’re a founder navigating early fundraising or a VC trying to adapt in a changing market, this episode offers timely insight from both sides of the table.

Episode #40: Windsurf "Blitzhire", Demystifying Venture Speak, Founders Running "Fast and Loose"

In this episode of The Learning Corner, Mia Farnham and Charles Hudson dig into three big conversations lighting up the venture world: 🔥 First, we break down the Windsurf “Blitzhire” saga—why a $3B OpenAI deal fell apart, how Google swooped in with a $2.4B licensing play, and what this trend of acqui-hire-meets-IP deals means for the future of AI M&A. 💭 Then, we turn to Sergio Rodenzuela’s recent post demystifying how VC really works for early founders—from fundraising realities to the quiet pivots firms make behind the scenes. 🎙️ And finally, we reflect on Jared Hecht’s wild early fundraising tales from the GroupMe days, what advantages and blunders can occur when you operate fast and loose. It’s a sharp, fast-paced episode packed with founder lessons, venture trends, and hot takes on where the industry is heading.

Episode #39: Adopting Parent Investors, The Art of Curating Fund Manager Investment Opportunities, AI Product Pricing Today

Welcome back to The Learning Corner by Precursor, hosted by Mia Farnham and Charles Hudson. After a quick break for the Fourth of July, we’re back with a jam-packed episode covering some of the most thought-provoking conversations in early-stage venture. In this episode: We explore the concept of the adopting parent investor, how VCs can step into existing board relationships with thoughtfulness, transparency, and full commitment, based on Micah Rosenbloom’s recent reflection on partnering with founders after transitions. We unpack a dense and valuable discussion from The Peel between Samir Kaji and Turner Novak on fundraising, secondary dynamics, and the impact AI is having on how GPs and allocators think about portfolio construction today. We break down a sharp framework from Emergence Capital on pricing AI software. From labor budget shifts to outcome-based pricing and managing LLM costs, we dig into what’s changing,and what founders need to watch out for.

Episode #38: First Round Capital Reflections and How Fundraising and Seeking an Acquisition Opportunity Are Mutually Exclusive

In this week’s episode of The Learning Corner, Mia Farnham and Charles Hudson dive into two thought-provoking pieces on modern venture capital and founder decision-making under pressure. First, we unpack Uncapped’s interview with Josh Kopelman of First Round Capital. From the “Blackstoneification of Venture” to his tongue-in-cheek “Venture Arrogance Score,” Kopelman challenges conventional thinking around fund scale, relevance, and value creation. We also touch on secondaries, post-mortems, and what it means to run a venture firm like an operating company. Then we turn to a sharp LinkedIn post by Rohit Mittal on the tough calls founders must make when stuck between raising at a down round or selling. He argues that “exploring options” often leads to nowhere—and that choosing a path with conviction is more important than ever. Charles shares real-world insights on dual-track processes, founder psychology, and how investors can best support teams facing runway crunches.

Episode #37: Bill Gurley's Market Realities, Geo- Arbitrage Investing, The Acquihire Wave

This week on The Learning Corner by Precursor: Reflections from Invest Like the Best’s episode featuring Bill Gurley. From zombie unicorns to misaligned fund incentives, Gurley addresses the long arc of staying private and the system-wide pressures created by illiquidity, consensus strategies, and overcapitalization. We dig into Alex Lazarow’s post on how Chime borrowed elements from international fintech giants like Nubank and Toss and what it means to apply lessons from one market to another. What makes geo-arbitrage work, and why hasn’t live commerce, which has seen major success in China, taken off in the U.S.? Finally, we dive into Tomasz Tunguz’s prediction that acquihires are poised for a resurgence. With seed deal volume spiking post-2021 but Series A slots staying flat, we explore how structural pressure is creating an environment ripe for sub-$20M talent buys, especially in AI.

Episode #36: Founder Optimism, Seed Math Is Broken, Aumni Venture Beacon Report

In this week’s episode of The Learning Corner, recorded in person during Precursor’s team onsite in San Francisco, Mia Farnham and Charles Hudson dive into the following topics: Embracing Optimism in Venture Inspired by a recent essay from Collin and Joshua Wallace, we explore the often-overlooked value of modeling best-case scenarios. While founders and investors are trained to anticipate risk, we ask: what would it look like to plan with optimism, and why is that mindset essential to long-term success? Bill Gurley on the Broken Math of Seed We break down Hadley Harris’ viral thread and Bill Gurley’s response on how price does matter in seed investing and how it could become more difficult to win back ownership in follow on strategy. Aumni’s Q1 2025 Venture Beacon Report With deal sizes compressing and investor protections rising, we examine the broader recalibration of the venture market.

Episode #35: A Founder's Postmortem, Teachers And The AI Dilemma, Emerging GTM Across AI

In this episode of The Learning Corner by Precursor, Mia Farnham and Charles Hudson explore the emotional rollercoaster faced by startup founders, shedding light on the prevalence of burnout and the implications of startup culture on personal well-being. They delve into the role of AI in education, discussing both the hurdles and opportunities it presents. The conversation broadens to the global repercussions of AI transformation and its influence on venture capital dynamics. Additionally, they examine the business models and inherent challenges confronting AI companies.

Episode #34: AI’s Labor Problem, Bridge Round Realities & Big Tech’s Acqui-License Deals

In this episode of The Learning Corner by Precursor, hosts Mia Farnham and Charles Hudson dive into the week’s most thought-provoking articles and trends shaping tech, venture capital, and the future of work. They explore the growing tension between AI advancement and labor displacement, discussing how automation is reshaping entry-level jobs and what it means for the next generation of workers. The conversation also unpacks the realities behind “bridge rounds” in startup funding—when they work, when they don’t, and what founders and investors should consider before doubling down. Finally, Mia and Charles break down the DOJ’s antitrust investigation into Google’s acquisition tactics in the AI space, and what these new “acqui-license” deals mean for founders, incumbents, and the broader tech ecosystem. Tune in for candid insights, practical advice, and a behind-the-scenes look at the decisions shaping tomorrow’s economy.

Episode #33: Do $1B Outcomes Matter?, Vibe Investing, The Agentic Web and The Original Sin

This week, Mia, Charles and Leon break down three timely topics shaping the future of venture and technology: VC Exit Math is Changing: David Clark (VenCap) expands on Packy McCormick’s analysis of billion-dollar exits, showing how top-tier venture returns are moving from $1B to $20B+ outcomes. We explore what this shift means for fund pacing, graduation rates, and why mid-sized funds are feeling the squeeze. “Vibe Investing” & Perishable Knowledge: Collin Wallace (Lobby Capital) dives into AI’s impact on investor behavior and startup creation. We talk about the limits of pattern recognition, the risk of thesis mimicry, and why real conviction still requires “showing your work.” Was Advertising the Web’s Original Sin?: Ben Thompson’s latest Stratechery essay revisits internet economics in the age of AI. We unpack the idea of an “agentic web,” what AI-native payments might look like, and how stablecoins could become critical for creator monetization.

Episode #32: Is AI Coming For Your Job?, Myths About AI Native Startups, Specialist vs. Generalist Investing

In this episode we unpack three topics across the VC/Startup ecosystem: AI Is Coming for Jobs, And CEOs Are Finally Saying It: Fiverr CEO Micha Kaufman recently published one of the most candid memos we’ve seen, acknowledging AI’s very real disruption of the gig economy. We talk about what happens when leaders stop spinning AI as pure efficiency, and start confronting what’s being lost. The Myth of the AI-Native Startup: Why are so many “AI-native” companies failing to deliver meaningful results? We discuss Casey Newton’s piece on the reality of these startups, how investor FOMO is outpacing ROI, and what lessons from SaaS might apply as the hype cycle matures. Why Specialist Funds Lose Their Edge After Fund I: Nick Moran shared a sharp LP take: specialist funds often outperform early, but lose discipline as they scale. We debate whether today’s real arbitrage might be outside of AI entirely, and what long-term evolution really looks like in venture.

Episode #31: Do We Need a VC Prenup?, Lightspeed Becomes an RIA, Financing the AI Revolution

In this episode of The Learning Corner, we explore founder frustrations with venture capital and the concept of VC prenups. The discussion transitions into the blurring lines between venture capital and private equity, examining their structural differences. We delve into the evolution of venture capital, focusing on profitability and LightSpeed Venture Partners' shift to RIA status. The conversation highlights the impact of RIA status from the perspective of founders and the trend toward diversified VC firms. We also discuss the sustainability of mid-sized venture funds, with insights from The Information's AI event, and examine consumer behavior and the integration of AI into daily life.

Episode #30: Pre-IPO Company Talent Wars, Winning Fast as Fund Managers, Tariff Impact on Startup/Early Stage VC

In this episode of The Learning Corner, we delve into the impact of AI enthusiasm and tariffs on tech businesses, exploring how these factors are reshaping the landscape. Charles Hudson shares insights on talent retention challenges faced by startups. The conversation shifts to Plaid's potential public offering and the considerations for venture capital returns. We also discuss liquidity and secondary opportunities available to limited partners. The episode examines tariffs and their economic effects on startups. The episode concludes with final thoughts on the broader implications of tariffs.

Episode #29: Agentic Hunger Games, What's an Effective Board Meeting?, The Future of Angel Investing

In this episode of The Learning Corner, we begin with an introduction and welcome before diving into Ed Sim's insights on the "Enterprise Agent Hunger Games." The discussion explores the dynamics of enterprise software, the challenges posed by AI, and the competitive landscape. We examine how founders can build for scale and sustain AI tools within enterprises. The conversation shifts to reframing board meetings and Precursor's approach to supporting founders. We also touch on Halle Tecco's decision to move away from angel investing after years in the ecosystem.

Episode #28: Fund 1 Over Performance Math, Media and Content Runs VC, Fund Manager Patience

In this episode of The Learning Corner, we kick off with an introduction and overview before diving into a consolidated discussion on Fund Ones and the factors that contribute to VC success. The conversation explores how VC firms are evolving into media companies and the importance of content strategy. We also delve into the patience and emotional aspects of early-stage venture capital, highlighting market conditions and portfolio management challenges. The episode wraps up with closing remarks and expressions of gratitude.

Episode #27: Shopify's "Leaked" CEO Memo, Tourist Founders, Senior Partners Leaving Established Firms

In this episode of The Learning Corner, the discussion begins with an overview of AI fever and its profound implications for startups. We examine the rise of tourist founders and the role of venture capital in the AI boom, along with the mounting pressure on companies to pivot towards AI. The conversation shifts to the new phenomenon of senior partner departures from larger funds across the ecosystem.

Episode #26: Bradley Tusk Says VC Is Dead, Investor Learnings From The Last Overheated Market

This episode of The Learning Corner delves into the dynamics between founder quality and market conditions. An introduction to the podcast sets the stage for a discussion on Bradley Tusk's venture fund evolution, highlighting the hybrid model's impact. The roles and innovations in fund management are explored, emphasizing the balance between meaningful support and marketing in venture funds. The conversation then shifts to platform resources and strategies for navigating overheated markets. The episode also examines adjustments in AI investment strategies, addressing price sensitivity and the emotional commitment required in investments.

Episode #25: Startup Media Hype Circles, 11x Tech Crunch Article, Market Arbitrage in Venture

In this episode of The Learning Corner, we dive into the venture ecosystem, focusing on optics versus nuance and founder expectations. We explore acqui-hires, small exits, and alternative startup paths, emphasizing transparency. A controversy around an AI sales startup sparks a discussion on founder honesty. We also discuss capitalizing on arbitrage windows, challenges for specialists, and investing in out-of-favor categories like African fintech. The debate continues on AI-focused funds and the generalist versus specialist approach in venture capital, concluding with thoughts on supporting individual contributors.