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.

Episode #24: LP POV on Secondaries, CoreWeave/NVIDIA Growth Loop, Questioning Traditional Reserves Strategies

This episode of The Learning Corner kicks off with an introduction and overview, setting the stage for a deep dive into Cendana Capital's unique approach to secondaries and small fund liquidity. The conversation moves on to the concept of tourist fund managers, offering insights on how founders can evaluate them effectively. The growth of CoreWeave under the influence of NVIDIA is explored, raising questions about the sustainability of AI infrastructure companies. The discussion then shifts to the challenges surrounding reserve funds and follow-on investments. The episode wraps up by examining the balance between supporting founders and adhering to investment strategy, concluding with closing remarks and gratitude to listeners.

Episode #23: Unique Revenue Channels For Vertical AI, Ghosting in Venture, Is Data Driven VC Over?

In this episode of The Learning Corner, the discussion begins with an introduction to the podcast and hosts, followed by an overview of Harvey AI's impressive $300M Series D funding round. The conversation then shifts to a TechCrunch article addressing the issue of VC ghosting and the frustrations it causes for founders. The episode also examines the tendency of AI startups to exaggerate their traction, introducing the concept of "annual curiosity revenue." Lawrence Lundy Brian's post on the future of data-driven venture capital is explored, highlighting its potential impact. The episode concludes by examining the intersection of AI, data-driven investing, and venture capital, wrapping up with a sign-off.

Episode #22: Secondaries Across Venture, Stripe's Tender Offer, Knowing How Much Is Too Much To Fundraise

The discussion turns to venture capital insights, focusing on the importance of liquidity in the ecosystem. The nuances of secondary sales and the role of employee liquidity are explored, shedding light on their significance for startup growth. Attention is given to the challenges of overfunding and the necessity for capital efficiency in startups. The episode features a thoughtful discussion on a blog post, offering additional perspectives. It wraps up with closing remarks and a note of gratitude to the listeners.

Episode #21: Anthropic's Latest Raise, Internal Turf Wars in Big Tech, IPO Alternatives In Venture

In this episode of The Learning Corner, the conversation begins with an introduction to the hosts before diving into Anthropic's recent AI funding and the competitive landscape of large language models. The discussion then addresses consumer adoption of AI tools and Google's struggles in AI development. Attention is given to the impact of internal politics on tech innovation, exploring how organizational dynamics can hinder progress. The episode shifts to trends in the venture ecosystem, focusing on IPOs and secondary liquidity. It concludes with an analysis of the evolving venture model, highlighting the increasing importance of financial sophistication.

Episode #20: AgTech and Venture Capital, Signs of a Failing Company, What The Heck Does Pre-Seed Even Mean?

In this episode of The Learning Corner, the conversation kicks off with insights into understanding the role of Agtech in early-stage investing. The discussion then moves to identifying signs that a startup might be on the brink of failure, with a focus on the critical role of product velocity. Attention is given to recognizing red flags in founder behavior that could signal potential challenges. The episode concludes with a detailed exploration of pre-seed rounds, highlighting their significance and impact on the broader venture capital landscape.

Episode #19: Venture Capital 3.0, Deciphering Early Stage Traction, 90's Tech Bubble vs. Current AI Valuations

In this episode of The Learning Corner, the discussion kicks off with an introduction to the podcast and the significance of ARR milestones in the startup journey. The conversation then transitions into the evolving landscape of venture capital in the AI era, examining AI's influence on VC operations and the unique challenges faced in pre-seed funding. The episode delves into the nuances of analyzing early-stage traction, debunking common misconceptions. A comparison is drawn between the current AI investment hype and the 1999 tech bubble, offering insights into the potential parallels. The episode wraps up with a forward-looking perspective on AI investment strategies and concluding thoughts.