Nothing Ventured

In this deep-dive season closer, Aarish sits down with Emmet King to unpack the real state of AI, venture, and the hidden strengths of the Nordic ecosystem. They explore why Scandinavia punches far above its weight, where the AI bubble will burst first, why distribution beats innovation, and what it actually takes for an application-layer AI startup to survive 2026. From trust, data moats and workflow depth, to manufacturing intelligence, robotics, and the limits of context—this conversation goes way beyond the hype. Emmett also reveals his most contrarian belief as a tech investor, and what genuinely moves him in life. Timestamps: 00:00 – Intro & Why the Nordics Punch Above Their Weight 08:00 – Europe’s Culture Shift: Ambition, Failure & Jante 14:00 – The AI Bubble & Where the Reset Starts 19:40 – What AI Apps Must Have to Survive 2026 27:00 – Hardware, Sensors & Industrial AI’s Next Frontier 44:45 – What Dies, What Consolidates & What Wins in AI 53:00 – Emmett’s Contrarian Take & What Moves Him Emotionally Find Emmet King online at: LinkedIn: https://www.linkedin.com/in/emmetking/ Twitter: https://x.com/J12Ventures J12 Ventures: https://www.j12ventures.com/ This episode is sponsored by EmergeOne, fractional CFOs for venture backed tech startups from Seed to Series B. Get in touch at https://emergeone.co.uk/contact-us/ or join the CFO team at https://emergeone.co.uk/join-the-cfo-team/ Sign up for EmergeOne’s weekly newsletter, Off Balance at https://off-balance.beehiiv.com/subscribe Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

In this deep, funny, and at times shocking conversation, Jess Butcher MBE — co-founder of Blippar and the creator of Scroll Aware — breaks down how the attention economy became an addiction economy, how AR missed its moment, why our kids are becoming NPCs, and what the analogue renaissance could look like. We explore: Timestamps: 00:00 — AR’s rise & missed moment 03:00 — Why AR never hit education 06:46 — Attention → addiction economy 11:30 — Algorithmic media & truth decay 15:50 — Overwhelm, ADHD & digital habits 18:49 — Kids, screens & NPC culture 22:03 — Phones out of schools 27:07 — The “safe phone” movement 30:32 — Big Tech vs Big Tobacco 46:37 — The analogue renaissance begins Find Jess Butcher online at: LinkedIn: https://www.linkedin.com/in/jessbutcher/ Twitter: https://x.com/jessbutcher scrollaware: https://www.scrollaware.com/ This episode is sponsored by EmergeOne, fractional CFOs for venture backed tech startups from Seed to Series B. Get in touch at https://emergeone.co.uk/contact-us/ or join the CFO team at https://emergeone.co.uk/join-the-cfo-team/ Sign up for EmergeOne’s weekly newsletter, Off Balance at https://off-balance.beehiiv.com/subscribe Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

In this episode of Nothing Ventured, Aarish Shah sits down withRajan Dosanjh and Ankush Shah, partners at Rank Ventures, to unpack what real early-stage investing looks like in 2025 and beyond. We get into: 🔥 Why “banking is eat what you kill” but “venture is eat what you grow” 🔥 How bad governance, weak boards & misaligned incentives pushed them to build Rank 🔥 Why 2026 will demand profitability plans and default-alive thinking 🔥 Why skin-in-the-game investors behave differently 🔥 How to remove blame culture and run an effective board 🔥 What founders must internalize about the new funding environment If you’re a founder, operator, angel or fund manager — this one cuts deep. Timestamps: 00:00 — Intro to Rajan & Ankush and the Rank Ventures story 02:00 — “Banking is eat what you kill; venture is eat what you grow” 04:30 — The investment that went wrong — and what it taught them 07:00 — Shared values, asymmetric bets & building trust 10:00 — Operator vs investor mindset (and how to balance both) 14:00 — Bad governance in venture: fiduciary failures & hard lessons 17:00 — Why Rank has real skin in the game (and no management fees) 21:00 — DPI over TVPI: why returns need to be real, not theoretical 24:00 — The new VC market: slower capital, higher expectations 31:00 — What founders need going into 2026: default-alive + ROI-driven growth Find Rajan Dosanjh online at: LinkedIn:https://www.linkedin.com/in/rajan-dosanjh/ Rank Ventures: https://rank-ventures.com/ Find Ankush Shah online at: LinkedIn: https://www.linkedin.com/in/ankush-shah-64144a34/ Rank Ventures: https://rank-ventures.com/ This episode is sponsored by EmergeOne, fractional CFOs for venture backed tech startups from Seed to Series B. Get in touch at https://emergeone.co.uk/contact-us/ or join the CFO team at https://emergeone.co.uk/join-the-cfo-team/ Sign up for EmergeOne’s weekly newsletter, Off Balance at https://off-balance.beehiiv.com/subscribe Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

November 2025 might go down as the month venture capital actually snapped. Cursor raised $2.3B at a $29.3B valuation — for a coding assistant. One company, Anthropic, took 29% of all global VC funding. And 18 companies consumed a third of the world’s capital. This isn’t a market. It’s a feeding frenzy. In this explosive episode of Nothing Ventured, Aarish Shah breaks down the 5 signals that prove the venture landscape has officially entered its “no rules” era: ⏱ Chapters 00:00 – Intro 00:27 – The $29B Cursor Shockwave 05:12 – Defence Tech Goes From Taboo to Hot Overnight 10:21 – Slush & Why Europe Might Actually Win 15:18 – The IPO Window Reopens (But Only for Winners) 20:02 – The 18-Company Quarter 23:30 – The Five Takeaways You Cannot Ignore 24:40 – Final Word 💥 What you’ll learn: • Why dev tools are suddenly worth mega-cap valuations • How defence tech became Silicon Valley’s favourite new game • Why Europe’s “boring” capital efficiency might beat America’s AI obsession • Why the IPO window matters more than any funding headline • How extreme capital concentration is setting up the next correction If you want to know where venture is REALLY heading in 2026 — this is the episode. #venturecapital #startups #ai #defencetech #technews This episode is sponsored by EmergeOne, fractional CFOs for venture backed tech startups from Seed to Series B. Get in touch at https://emergeone.co.uk/contact-us/ or join the CFO team at https://emergeone.co.uk/join-the-cfo-team/ Sign up for EmergeOne’s weekly newsletter, Off Balance at https://off-balance.beehiiv.com/subscribe Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

In this episode of Nothing Ventured, host Aarish Shah sits down with Adam Shuaib, GP at Episode 1 Ventures, the early-stage fund using data and AI to spot founders before everyone else. From scraping GitHub and Twitter to building behavioural models that detect grit over gloss, Adam explains how Episode 1’s machine is changing how venture capital discovers talent — and why “weird” founders often hold the biggest alpha. We dive into: ⚙️ How data models are finding unconventional founders 🚫 Why filtering out the “weird” kills innovation 💭 The ethics of AI-driven sourcing 📊 Why alpha is always in the tail end of the distribution 🌍 The concentration of global capital and Europe’s rise 💡 How Episode 1 balances data with human intuition If you’re building the next big thing or investing in it — this one’s for you. 🎧 Subscribe for more conversations that uncover the real stories behind venture capital. Timestamps: 00:00 – Intro: Aarish Shah & Adam Shuaib 00:45 – Episode 1’s AI engine for founder discovery 02:30 – Signal vs. surveillance in VC 05:00 – Finding grit over gloss 07:00 – Adversity as a founder trait 10:30 – Alpha lives in the middle 12:00 – Keeping humans in the loop 18:00 – The AI compute arms race 21:00 – Why NVIDIA always wins 28:30 – The barbell future of VC 32:00 – Europe’s rising edge in venture 38:00 – Hype, unicorns & valuation bubbles 41:30 – Measuring grit, not trauma 46:00 – Why most VCs shouldn’t exist 49:00 – The human side of venture Find Adam Shuaib online at: LinkedIn: https://www.linkedin.com/in/adamshuaib/ Twitter: https://x.com/Episode1VC Episode 1 Ventures: https://www.episode1.com/ This episode is sponsored by EmergeOne, fractional CFOs for venture backed tech startups from Seed to Series B. Get in touch at https://emergeone.co.uk/contact-us/ or join the CFO team at https://emergeone.co.uk/join-the-cfo-team/ Sign up for EmergeOne’s weekly newsletter, Off Balance at https://off-balance.beehiiv.com/subscribe #venturecapital #startupfounders #nothingventured #podcast #entrepreneurship Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

What happens when a Wall Street-trained investor brings a relational approach to venture capital in emerging markets? In this episode, Eva Yazhari, Managing Partner at Beyond Capital Ventures, joins Arya Shah to unpack her people-first investment philosophy — why 75% of future global growth will come from East Africa and India, how conscious leadership drives stronger returns, and what the next decade of venture in emerging markets looks like. If you care about the future of investing, diversity of thought, and where the next billion customers will come from, this conversation is for you. Timestamps: 00:00 – Intro: Who is Eva Yazhari and what makes Beyond Capital Ventures different 03:30 – Relational vs Transactional VC: Why relationships drive better outcomes than capital alone 06:00 – Case Study: Ampersand Mobility: Building Africa’s e-mobility infrastructure 09:00 – Founder NPS & Portfolio Impact: 93% NPS and 10x capital mobilisation 15:00 – Exits in Africa: How strategic investors and corporates are driving liquidity 18:30 – Diversity of Thought: Conscious leadership, behavioural frameworks, and anti-fragility 27:00 – Gender Lens Investing: Why women are Africa’s most reliable workforce 28:15 – The India–Africa Corridor: Why 75% of global growth will come from this region by 2050 34:00 – Human Capital Challenges: Why talent is Africa’s biggest constraint — and opportunity 40:00 – The Role of AI: How emerging markets are using AI to leapfrog, not lag behind 55:00 – Conscious Capital in Action: Building businesses that outperform and uplift Find Eva Yazhari online at: LinkedIn: https://www.linkedin.com/in/eva-yazhari/ Twitter: https://x.com/BeyondCapital Beyond Capital Ventures: https://www.beyondcapitalventures.com/ This episode is sponsored by EmergeOne, fractional CFOs for venture backed tech startups from Seed to Series B. Get in touch at https://emergeone.co.uk/contact-us/ or join the CFO team at https://emergeone.co.uk/join-the-cfo-team/ Sign up for EmergeOne’s weekly newsletter, Off Balance at https://off-balance.beehiiv.com/subscribe Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

In this special Halloween edition of the Nothing Ventured podcast, I had the pleasure of hosting Lev Perlman, the founder and CTO of Metamind. Lev shared his journey from being an illegal waiter at bar mitzvahs to becoming a self-taught tech engineer and eventually founding Metamind, a company dedicated to helping early-stage tech companies optimize their tech stack and prepare for technical due diligence. We kicked off the episode with a quickfire round to get to know Lev better, where he recounted his first job experiences and the various roles he held before diving into the tech and venture ecosystem. Lev explained the motivation behind starting Metamind, which stemmed from his frustrations with the quality of service provided by agencies he had worked with in the past. As the conversation progressed, we delved into some spine-chilling founder horror stories, starting with Lev's own experience of pitching to a tier-one investor who was distractedly eating a kebab during the call. We discussed the importance of resilience in the face of such bizarre situations and how founders can learn to adapt. Lev shared a particularly alarming tech horror story involving a health tech startup that had a major security flaw, allowing unauthorized access to sensitive patient data. This incident highlighted the critical need for thorough technical due diligence, which Lev and his team provide for both investors and founders. We also touched on the predatory practices of some startup service providers, where non-technical founders can end up spending exorbitant amounts on MVP development without understanding the implications. Lev emphasized the importance of seeking referrals and doing proper research before engaging with service providers. Throughout the episode, we explored the challenges founders face, including co-founder disputes and the complexities of investor relationships. Lev offered valuable advice on how to avoid common pitfalls, such as ensuring proper documentation and understanding the dynamics of venture capital. In closing, we discussed the significance of maintaining a healthy work-life balance and managing stress as a founder. Lev shared his personal strategies for coping with the pressures of entrepreneurship, emphasizing the importance of disassociating oneself from the business and finding healthy outlets for stress. This episode is packed with insights and cautionary tales that every founder should hear, especially as we navigate the often treacherous waters of startup life. Thank you for joining us for this Halloween special, and I hope you find the stories shared here both entertaining and enlightening! Timestamps: 00:00:00 - Introduction to the Halloween Special 00:00:10 - Meet Lev Perlman: Background and First Job 00:01:05 - Lev's Journey into Tech and Entrepreneurship 00:01:50 - The Birth of Metaminds 00:02:40 - Overview of Metaminds' Services 00:03:42 - Founder Horror Stories: A Personal Experience 00:05:05 - Handling Awkward Investor Meetings 00:06:50 - Tech Horror Stories: Security Vulnerabilities 00:08:20 - Tech Due Diligence for Founders and Investors 00:09:46 - Predatory Startup Service Providers 00:10:51 - Advice for Early-Stage Founders 00:11:19 - Weirdest Horror Stories in Startups 00:12:20 - The Importance of Distributed Access 00:13:30 - Employee Ghosting and Its Consequences 00:14:45 - Managing Anxiety as a Founder 00:19:15 - Building Resilience in the Face of Challenges 00:21:07 - The Importance of Knowledge Transfer 00:22:28 - Lessons from Personal Tech Experiences 00:24:21 - Finding Balance as a Founder 00:31:00 - Avoiding Common Founder Mistakes 00:32:05 - Understanding Investor Dynamics 00:35:12 - Horror Stories from the Investor Side 00:40:12 - Key Takeaways for Founders 00:41:36 - Final Thoughts on Startup Challenges Find Lev Perlman online at: LinkedIn: https://www.linkedin.com/in/justlev2 Twitter: https://x.com/lawfullylev Instagram: https://www.instagram.com/justlev Metamindz: https://www.metamindz.co.uk/ This episode is sponsored by EmergeOne, fractional CFOs for venture backed tech startups from Seed to Series B. Get in touch at https://emergeone.co.uk/contact-us/ or join the CFO team at https://emergeone.co.uk/join-the-cfo-team/ Sign up for EmergeOne’s weekly newsletter, Off Balance at https://off-balance.beehiiv.com/subscribe Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

In this episode, we take a closer look at how venture capital is shifting ⚖️ — and what it means when nearly half of all new funding flows into AI and foundation models 🤖. While the U.S. continues to prioritise large-scale AI investment, the UK is showing a different path 🇬🇧: diversified sectors, regional growth, and meaningful early-stage activity. This is not about hype. It’s about understanding where sustainable innovation is actually happening 🌱 — and what a healthy startup ecosystem looks like going forward. If you care about founders, investment strategy, or the future of global innovation 🌍💡— this conversation matters. Hashtags: #venturecapital #startups #innovation #ai #techeconomy #deeptech #uktech #globalmarkets #entrepreneurship #investing This episode is sponsored by EmergeOne, fractional CFOs for venture backed tech startups from Seed to Series B. Get in touch at https://emergeone.co.uk/contact-us/ or join the CFO team at https://emergeone.co.uk/join-the-cfo-team/ Sign up for EmergeOne’s weekly newsletter, Off Balance at https://off-balance.beehiiv.com/subscribe Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

In this episode of Nothing Ventured, host Aarish Shah sits down with Angela McKane, a former BP executive turned venture capitalist, for a deep and thought-provoking conversation about the future of energy innovation. With over 15 years of experience in the energy technology sector, Angela shares her journey from the corporate world of BP to launching her own fund — Energy Mix Ventures — which focuses on resilient, affordable, and scalable energy solutions. The discussion covers key themes including: 00:00 - Introduction to Energy Mix Ventures 00:02:21 - Transitioning from BP to VC life 00:05:57 - Information vs. belief arbitrage in venture 00:16:36 - Why the energy debate is broken 00:19:39 - The case for hydrocarbons and renewables 00:26:01 - The realities of EV production and energy recycling 00:32:01 - The energy-defense nexus and government’s role 00:39:15 - The future of nuclear and regulatory reform 00:44:39 - Wind power, data centers, and off-grid innovation 🎧 Tune in for a candid, insight-rich discussion that goes beyond buzzwords and digs into what real progress in energy looks like. #NothingVentured #EnergyMixVentures #VentureCapital #EnergyTech #ClimateTech #StartupPodcast #Innovation #FutureOfEnergy #EnergyTransition #NuclearEnergy #AI #Sustainability Find Angela McKane online at: LinkedIn: https://www.linkedin.com/in/angelamckane/ Twitter: https://x.com/AngieVJ Energy Mix Ventures: https://energymixventures.com This episode is sponsored by EmergeOne, fractional CFOs for venture backed tech startups from Seed to Series B. Get in touch at https://emergeone.co.uk/contact-us/ or join the CFO team at https://emergeone.co.uk/join-the-cfo-team/ Sign up for EmergeOne’s weekly newsletter, Off Balance at https://off-balance.beehiiv.com/subscribe Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

💥 Are We in a Venture Capital Bubble? LP Insider Reveals the Truth! 💥 In this episode of Nothing Ventured, host Aarish Shah sits down with Leyla Kunimoto, Seattle-based LP voice and co-founder of Accredited Investor Insights, for a brutally honest look inside the private markets. Leila pulls back the curtain on what most investors get wrong about venture capital — why it’s not about quick cash flow, but about betting on bold ideas and world-changing stories. 🔥 What you’ll hear: The real risks behind private equity and continuation vehicles Why the U.S. still lacks regulatory standards for asset valuations How to spot when the market’s in a bubble — or quietly deflating The one thing that makes LPs actually pay attention: surgical precision in your thesis If you want to understand where venture capital is headed — and how LPs really think — this is the episode you can’t afford to miss. Timestamps: 00:00:00 - Introduction and Guest Introduction 00:00:31 - Overview of Today's Episode 00:01:28 - The Bubble in Private Markets 00:02:05 - Podcast Engagement Request 00:02:27 - Guest Welcome and Clarification 00:03:42 - Insights from an LP's Perspective 00:04:33 - Mispricing Risk in Private Markets 00:05:45 - VC's Unique Position in Private Markets 00:07:08 - The Push for DPI and Cash Flow 00:09:10 - Challenges for Smaller Investors in VC 00:11:09 - The Middle Market Squeeze 00:13:45 - Advantages of Larger VC Funds 00:15:09 - The Dilemma of Fund Size and Stage Focus 00:17:02 - Potential Solutions for Liquidity 00:19:02 - Continuation Vehicles and Their Impact 00:21:04 - LP Checklist for Continuation Vehicles 00:24:24 - Lack of Regulation in Asset Valuation 00:27:03 - Concerns with Continuation Vehicles 00:29:37 - The Future of the Bubble 00:33:01 - The Role of Private Credit 00:35:36 - The Impact of Interest Rates 00:37:19 - Potential for a Market Correction 00:39:39 - Differences from the 2008 Financial Crisis 00:41:45 - Lack of Transparency in Private Markets 00:44:19 - Default Rates in Private Equity and Credit 00:45:18 - What Gets Funded in 2025 00:47:08 - Importance of a Surgical Thesis 00:49:01 - Fund Manager and Thesis Fit 00:50:03 - Importance of Access in VC Find Leyla Kunimoto online at: LinkedIn: https://www.linkedin.com/in/lkunimoto/ Twitter: https://x.com/LeylaKuni Accredited Investor Insights: https://www.accreditedinsight.com/ This episode is sponsored by EmergeOne, fractional CFOs for venture backed tech startups from Seed to Series B. Get in touch at https://emergeone.co.uk/contact-us/ or join the CFO team at https://emergeone.co.uk/join-the-cfo-team/ Sign up for EmergeOne’s weekly newsletter, Off Balance at https://off-balance.beehiiv.com/subscribe Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

In this episode of Nothing Ventured, I’m joined by Francois Mazoudier, serial entrepreneur and seasoned investor, to tackle one of the biggest myths in fundraising: that charisma alone wins capital. As we enter 2025, the truth is clearer than ever — process beats charisma. François shares candid insights on: Why founders must master process-driven fundraising (and how to build one) The common mistakes startups still make when pitching to VCs How investors are thinking differently in 2025 The future of fundraising in a world that’s more competitive than ever Whether you’re raising your first round or scaling globally, this episode is packed with practical wisdom to help you secure the capital you need — without relying on charm alone. Timestamps: 00:00 – Intro & guest: Francois Mazoudier, Fundraising Bootcamp 00:45 – Preview: why 94% of pitches fail & myths around decks 02:02 – About the host Ari Shah & Nothing Ventured 03:27 – The hard truths about fundraising today 04:09 – Stop following bad online advice (6% of pitches work) 07:11 – The Sequoia pitch deck trap (250k founders copy-pasting) 08:33 – Finding “perfect match” investors & cold email success 10:42 – Fundraising as a repeatable process, not a performance 13:18 – 3 signs founders get funded vs. 3 signs they won’t 15:38 – Traction vs. revenue: what really matters early stage 18:44 – Numbers or story — which wins a pitch? 23:36 – VC money vs. corporate VC money (pros & cons) 27:10 – Why even Series A/B founders need a clear process 31:21 – European founder mistakes: humility, tone & pace 37:00 – Contrarian view: bigger isn’t always better for founders 41:18 – What moves François: piano & seeing mindset shifts 44:48 – Closing: where to find François online Find Francois Mazoudier online at: LinkedIn: https://www.linkedin.com/in/francoismazoudier/ Twitter: https://x.com/franco1s Fundraising Bootcamp: https://fundraising-bootcamp.com/ This episode is sponsored by EmergeOne, fractional CFOs for venture backed tech startups from Seed to Series B. Get in touch at https://emergeone.co.uk/contact-us/ or join the CFO team at https://emergeone.co.uk/join-the-cfo-team/ Sign up for EmergeOne’s weekly newsletter, Off Balance at https://off-balance.beehiiv.com/subscribe Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Welcome to this month's episode of Nothing Ventured! Join Aarish as we explore the most revealing developments in the world of venture capital and AI investment for September 2025. In this episode, we dive deep into NVIDIA's staggering £2 billion commitment to UK startups and what it really means for the future of AI. We discuss the implications of NVIDIA's investment strategy, including its recent $100 billion deal with OpenAI, and how it signals a shift towards vertical integration in the tech industry. We also analyse the controversial funding round of Mistral AI, which raised €2 billion at a €12 billion valuation, and why its open-source business model may be fundamentally flawed. As we shift our focus to biotech, we highlight the stealth boom in the sector, featuring Treeline Biosciences and other companies that are quietly outperforming AI in terms of risk-adjusted returns. Finally, we examine the changing landscape of global venture capital, with the UK and Europe emerging as competitive hubs against the backdrop of Silicon Valley's stagnation. Key Insights: 1. Hardware companies are becoming venture capitalists due to market saturation. 2. Open-source AI business models face significant challenges at scale. 3. Biotech is delivering better risk-adjusted returns than AI. 4. Foundation model funding is approaching unsustainability. 5. Geographic arbitrage is becoming the next competitive advantage in venture capital. What does October hold for the venture capital landscape? Tune in to find out! Don't forget to like, subscribe, and hit the notification bell for more insights on the future of venture capital! Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

In this episode of Nothing Ventured, host Aarish Shah welcomes Enis Hulli, a general partner at E2VC, an early-stage venture fund focused on supporting founders from emerging Europe. Enis shares insights from his journey in venture capital, detailing how his experience with 500 Startups helped him navigate the complexities of fund management, from legalities to fundraising. The discussion emphasises the importance of building a strong network and mapping talent early in the investment process. Enis also explores how emerging Europe is cultivating US-native unicorns and the challenges of remote-first operations in achieving significant growth. Tune in for valuable perspectives on venture capital strategies and the evolving landscape of tech entrepreneurship in emerging markets. Timestamps: 00:00:00 - Introduction to Enis Hulli and E2VC 00:00:31 - E2VC's Investment Thesis and Strategy 00:01:02 - Importance of Network and Talent in Early-Stage VC 00:01:40 - Building Unicorns in Emerging Europe 00:02:05 - Expertise in Gaming and Deep Tech in Emerging Europe 00:02:30 - Trust and Relationship Building in VC 00:02:51 - Host Introduction and Podcast Overview 00:03:32 - Transition from 500 Startups to E2VC 00:04:09 - Benefits of Independence from 500 Startups 00:05:01 - Evolution of Fund Size and Investment Strategy 00:05:44 - Brand Control and New Initiatives at E2VC 00:07:08 - Launching a San Francisco Office 00:07:31 - Initiative to Fund High School Students 00:08:20 - Talent Mapping and Early Engagement 00:09:12 - Identifying Entrepreneurial Traits Early 00:10:09 - Long-Term Thinking in VC 00:11:08 - Word of Mouth and Reputational Branding 00:11:45 - Malcolm Gladwell's Tipping Point and Talent Strategy 00:12:09 - Changes in Emerging Europe Over the Last Five Years 00:13:09 - Consolidation and Global Focus in Emerging Europe 00:14:09 - Importance of Proximity to Talent and Capital 00:15:08 - Shift in Founder Mindset Post-COVID 00:16:11 - Building Unicorns from Emerging Europe 00:17:00 - Importance of Being in Major Hubs 00:18:16 - Strengths and Weaknesses of Emerging Europe 00:19:08 - Founders' Mindset and Continuous Improvement 00:20:09 - Migrant Hustle and Proving Oneself 00:21:03 - Learning from Experienced Entrepreneurs 00:22:27 - E2VC's Edge in the Market 00:23:00 - High Conviction and Talent Mapping 00:24:11 - Signalling Value and Reputation in VC 00:25:14 - Engaging LPs and Their Expertise 00:25:42 - Investing in Ukrainian Founders 00:26:15 - Framework for Investing in Conflict Regions 00:27:08 - Technical Talent and Mobile Gaming in Emerging Europe 00:28:07 - Resilience and Anti-Fragility in Emerging Markets 00:29:05 - Cyclicality and Anti-Fragility in VC 00:30:09 - Benefits of Operating in Emerging Jurisdictions 00:31:03 - Writing Larger Checks at Pre-Seed and Seed Stages 00:32:22 - Capital Efficiency and Product-Market Fit 00:33:05 - Balancing Capital Constraints and Strategic Bets 00:34:13 - Differences in US and European VC Mentalities 00:35:09 - Iteration and Finding Product-Market Fit 00:36:14 - Underwriting Teams and Execution Speed 00:37:25 - Founder-Driven Investment Decisions 00:38:26 - Unlimited Runway and Iteration 00:39:01 - Short-Term Thinking vs. Long-Term Vision 00:40:07 - Unexpected Product-Market Fit 00:41:24 - Case Study: Unicorn Growth Story 00:42:13 - Understanding Customer Base and Market Potential Find Enis Hulli online at: LinkedIn: https://www.linkedin.com/in/enishulli/ Twitter: https://x.com/EnisHulli E2 VC: https://e2.vc This episode is sponsored by EmergeOne, fractional CFOs for venture backed tech startups from Seed to Series B. Get in touch at https://emergeone.co.uk/contact-us/ or join the CFO team at https://emergeone.co.uk/join-the-cfo-team/ Sign up for EmergeOne’s weekly newsletter, Off Balance at https://off-balance.beehiiv.com/subscribe Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

In this episode of Nothing Ventured, host Aarish Shah welcomes Joe Knowles, a partner at Smedvig Capital. Joe shares insights from his diverse background as an Airbus engineer, investment banker, and startup founder. He discusses Smedvik's unique approach to venture capital, emphasizing patient capital and a focus on integrity and founder trust rather than chasing hype cycles. The conversation explores the reality of the power law in venture capital, highlighting that while there are thousands of VC-backed companies in Europe, a small number account for a significant portion of exit value. Joe also addresses the advantages of being a single LP fund, the importance of execution in the commoditized tech landscape, and the need for improved physical infrastructure in Europe to support ambitious growth. Tune in for valuable perspectives on navigating the venture capital landscape and the future of value creation. Timestamps: 00:00:00 - Introduction to Joe Knowles and Smedvig Capital. 00:00:42 - The Reality of the Power Law in Venture Capital 00:01:24 - The Golden Age for Value Creation and Commoditisation of Code 00:01:50 - Aarish Shah's Background and Podcast Introduction 00:02:33 - Joe Knowles' Background and Recommendations 00:03:11 - The Power Law Myth and Its Impact on Venture Returns 00:05:44 - The Symbiotic Relationship Between Outliers and Middle-Tier Companies 00:07:23 - The Importance of Good Outcomes for the Ecosystem and Economy 00:08:56 - Venture-Backed Companies in Europe: Key Statistics 00:10:25 - The Overlap Between Power Law Strategies and Middle-Tier Strategies 00:11:18 - Can VCs Pursue Both Power Law and Middle-Tier Strategies? 00:13:24 - The Impact of AI and Software Costs on Venture Capital 00:17:06 - The Reckoning in AI and Its Impact on Venture Capital 00:19:58 - The Shift in Venture Capital Strategies Due to AI and Market Dynamics 00:21:50 - The Role of Single LP Funds and Family Offices in Venture Capital 00:23:37 - The History and Structure of Smedvig Ventures 00:25:18 - Dependence on a Single LP and Fund Size Discipline 00:27:09 - The Branding and Messaging Challenge of Single LP Funds 00:28:41 - The Trend of Family Offices Entering Venture Capital 00:31:09 - The Flexibility of Single LP Funds in Exits and Returns 00:33:02 - The Importance of IRR and Flexibility in Single LP Funds 00:35:12 - Understanding Venture Capital from a Founder's Perspective 00:37:19 - The Opacity and Decision-Making in Venture Capital 00:38:07 - The Commoditisation of Code and Its Impact on Venture Capital 00:41:01 - The Importance of Speed and Non-Code Moats in Venture Capital 00:45:09 - The Role of Domain Expertise and Market Niches in Venture Capital 00:47:05 - The Augmentation of Coders and the Contextual Nature of Expertise FindJoe Knowles online at: LinkedIn: https://www.linkedin.com/in/joe-knowles-196a896b/ Twitter: https://x.com/joeknowlesuk / https://x.com/smedvigventures Smedvig Capital: https://smedvig.vc/ This episode is sponsored by EmergeOne, fractional CFOs for venture backed tech startups from Seed to Series B. Get in touch at https://emergeone.co.uk/contact-us/ or join the CFO team at https://emergeone.co.uk/join-the-cfo-team/ Sign up for EmergeOne’s weekly newsletter, Off Balance at https://off-balance.beehiiv.com/subscribe Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

On this episode of Nothing Ventured, Aarish is joined by leading voices in venture capital — each bringing their own unique story, perspective, and vision for the future of investing. Timestamps: 00:00:00 - Introduction to Nothing Ventured Podcast 00:00:10 - Quick Fire with Irena Spatzapan 00:01:15 - Systemic Capital Overview 00:01:44 - Exciting Companies in Systemic Capital's Portfolio 00:02:25 - Quick Fire with Dan Pandeni-Iwenga 00:03:48 - Building the London Venture Capital Network (LVCN) 00:04:44 - Overview of LVCN 00:05:58 - Quick Fire with Ollie Harris 00:06:50 - Building Dream Ventures 00:07:23 - Overview of Dream Ventures 00:08:09 - Exciting Companies in Dream Ventures' Portfolio 00:09:28 - Quick Fire with Harry Morgan 00:10:29 - Overview of 7% Ventures 00:11:15 - Exciting Companies in 7% Ventures' Portfolio 00:11:38 - Quick Fire with Marcus Clover 00:12:11 - Building Energy Revolution Ventures (ERV) 00:12:39 - Overview of ERV 00:13:19 - Exciting Companies in ERV's Portfolio 00:13:46 - Quick Fire with Dr. Andrea Issoni 00:14:41 - Building AI Technologies 00:15:37 - Overview of AI Technologies This episode is sponsored by EmergeOne, fractional CFOs for venture backed tech startups from Seed to Series B. Get in touch at https://emergeone.co.uk/contact-us/ or join the CFO team at https://emergeone.co.uk/join-the-cfo-team/ Sign up for EmergeOne’s weekly newsletter, Off Balance at https://off-balance.beehiiv.com/subscribe Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

In this thought-provoking episode, Aarish shares deep concerns about the future of humanity, expressing fears over influential figures like Donald Trump, Putin, and Netanyahu, whom they view as emblematic of our darker animal instincts. The discussion emphasises the ongoing battle between our primal nature and our humanity. Drawing inspiration from iconic leaders like Gandhi and Mandela, the host advocates for a collective embrace of compassion and understanding, urging listeners to set aside differences and prejudices in favor of recognising the beauty of our planet and each other. The episode culminates in a powerful reflection on the choice between perceiving the world as hostile or friendly, echoing Einstein's poignant final words. With a personal touch, the host also reveals their background as an engineer and their journey from a reluctant relationship with literature to embracing the power of human connection. Tune in for an inspiring conversation that challenges us to prioritise our humanity. Timestamps: 00:00:00 - Introduction and Emotional Concerns 00:00:11 - Fears About World Leaders 00:00:45 - Humanity vs. Animal Instincts 00:01:08 - The Importance of Humanity 00:01:29 - Choosing Between a Hostile and Friendly World 00:01:59 - Personal Reflections on Emotions 00:02:09 - The Role of Poetry in Bridging Thoughts and Feelings 00:03:32 - Family and Emotional Connections 00:04:21 - Value of Human Interaction 00:04:53 - Emotional Impact of Family Moments 00:05:38 - Desire for Recognition and Impact 00:06:23 - Cultural and Religious Influences on Giving Back 00:07:06 - Aspirations for Success and Generosity 00:07:59 - Family as a Driving Force and Legacy This episode is sponsored by EmergeOne, fractional CFOs for venture backed tech startups from Seed to Series B. Get in touch at https://emergeone.co.uk/contact-us/ or join the CFO team at https://emergeone.co.uk/join-the-cfo-team/ Sign up for EmergeOne’s weekly newsletter, Off Balance at https://off-balance.beehiiv.com/subscribe Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

In this thought-provoking episode, Aarish explores the concept of self-determinism and the chemistry of decision-making. They question the common narrative that attributes success solely to tenacity and drive, examining the role of luck and external circumstances in shaping our lives. Through insightful reflections, the discussion delves into how factors like family background, gender, and race significantly impact one's opportunities and successes. Aarish challenges listeners to consider the extent of their control over decisions and the differences between self-determinism, free will, and agency. Join us for a deep dive into the complexities of personal agency and the forces that influence our paths in life. Timestamps: 00:00:00 - Contrarian Convictions: Self-Determinism vs. Luck 00:02:10 - The Importance of Free Speech 00:03:38 - Making Conscious Choices in Decision-Making 00:04:49 - Cynicism as a Tool for Optimism 00:05:52 - The Balance of Leadership: Empowerment vs. Direction 00:07:25 - The State of the US and Global Dynamics 00:10:01 - American Exceptionalism: A Diminishing Belief 00:11:44 - Migration Trends: US to Europe 00:12:31 - The Case Against Human Colonisation of Mars 00:14:13 - Robotics vs. Human Labor in Manufacturing 00:16:00 - Learning Through Experience: The Value of Menial Tasks 00:19:04 - The Role of Hardship in Building Resilience 00:20:34 - Consciousness vs. Intelligence in Society This episode is sponsored by EmergeOne, fractional CFOs for venture backed tech startups from Seed to Series B. Get in touch at https://emergeone.co.uk/contact-us/ or join the CFO team at https://emergeone.co.uk/join-the-cfo-team/ Sign up for EmergeOne’s weekly newsletter, Off Balance at https://off-balance.beehiiv.com/subscribe Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

In this episode of Nothing Ventured, host Aarish Shah sits down with Harry Morgan, principal at 7% Ventures, to explore the complexities of investing in climate and deep tech startups. Harry, a former founder turned investor, discusses the challenges of tackling world-shaping problems and the often uncomfortable realities of venture capital, including its tendency to amplify privilege over opportunity. The conversation delves into the unique dynamics of climate investing, highlighting the longer time frames and smaller exits compared to software ventures. Harry emphasises the crucial role of government in determining national priorities and de-risking scientific advancements. He also shares insights on the necessity of bias in venture capital, advocating for a trained approach to backing exceptional founders. Tune in for a thought-provoking discussion on the intersection of investment, innovation, and social impact. Timestamps: 00:00:00 - Introduction to Nothing Ventured Podcast 00:00:10 - Guest Introduction: Harry Morgan from 7% Ventures 00:00:42 - Overview of Today's Episode Topics 00:01:28 - State-Educated Founders and Funding Stages 00:02:26 - Host Reintroduction and Podcast Purpose 00:02:36 - Harry Morgan's Journey from Founder to Investor 00:03:02 - Lessons from Founding a Startup 00:04:31 - Transition from Journalism to Investing 00:05:04 - Balancing Science and Commercial Aspects in Deep Tech 00:05:58 - Importance of Founder Ambition in Deep Tech Investments 00:06:44 - Indexing on Technological Step Change and Founder Execution 00:07:28 - Early Stage Financial Models and Product-Market Fit 00:08:39 - Building a Business vs. Building Revenue 00:09:52 - Specialization vs. Generalization in Founding Teams 00:10:55 - Adaptability and Generalization in Founding Teams 00:11:13 - Importance of Commercial Knowledge in Founding Teams 00:12:02 - Venture Capital's Role in Solving Multi-Decade Challenges 00:13:17 - Market Timing and Structural Challenges in Climate Tech 00:14:39 - Hedging Against Market Timing Risks in Deep Tech 00:15:19 - Execution Risks in Deep Tech Investments 00:16:45 - Government Regulation and Market Timing Risks 00:17:52 - Technology Success vs. Company Failure 00:18:39 - Differentiation Beyond Climate Impact 00:19:26 - Viewing Climate as a Horizontal Rather than a Vertical 00:20:32 - Government's Role in Supporting Innovation 00:21:12 - Economic Benefits of Climate Innovations 00:22:23 - Challenges with Government Grants and Procurement 00:23:28 - Importance of Government Contracts Over Grants 00:24:08 - Issues with Innovate UK and Grant Flywheels 00:25:35 - Government's Role in De-Risking Science 00:26:25 - Cultural Attitudes Towards Failure in the UK 00:27:29 - Zombie Businesses and the Fear of Failure 00:28:45 - Social Mobility and Venture Capital 00:29:55 - Diversity in Venture Capital: Performative or Real? 00:30:54 - Checking Biases in Venture Capital 00:31:39 - Social Mobility Ventures: Creating an Alternative Flywheel 00:33:20 - Redefining Terminology Around Social Mobility 00:34:24 - Levelling Privilege and Access to Opportunities 00:35:17 - Supporting Underprivileged Founders to Take Risks 00:36:32 - Levelling the Playing Field in Access to Resources 00:37:03 - Systemic Problems in Social Mobility 00:38:41 - Education System and Entrepreneurship 00:39:35 - Celebrating Big Successes and Failures 00:40:34 - Social Mobility Ventures: Goals and Timescale 00:41:39 - Inclusivity in Social Mobility Ventures 00:42:49 - Celebrating Self-Made Success Stories 00:44:06 - Changing the Problems Entrepreneurs Solve 00:44:48 - Focus on Inclusion in Angel Investing FindHarry Morgan online at: LinkedIn: https://www.linkedin.com/in/harryemorgan/ Twitter: https://x.com/7pcventures / https://x.com/harryemorgan 7percent Ventures: https://7pc.vc This episode is sponsored by EmergeOne, fractional CFOs for venture backed tech startups from Seed to Series B. Get in touch at https://emergeone.co.uk/contact-us/ or join the CFO team at https://emergeone.co.uk/join-the-cfo-team/ Sign up for EmergeOne’s weekly newsletter, Off Balance at https://off-balance.beehiiv.com/subscribe Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

In this episode of Nothing Ventured, host Aarish Shah sits down with Dr. Andrea Isoni, Chief AI Officer at AI Technologies and lead author of the influential State of AI report. Together, they dive into the often misunderstood world of artificial intelligence, exploring its practical applications and the potential pitfalls that accompany its use. Andrea discusses the financial implications of implementing AI, particularly the necessity of investing in cybersecurity. He emphasises that while AI may change the landscape of employment, it is unlikely to lead to mass unemployment, prompting a need to rethink job roles rather than entire jobs. The conversation also touches on the emerging hacker economy and the importance of maintaining skepticism towards AI systems, which are not 100% trustworthy. Andrea reassures CFOs that their positions are secure for now, as AI is more about enhancing tasks than replacing entire jobs. Tune in for a candid discussion that cuts through the hype surrounding AI and addresses its real-world implications. Timestamps: 00:00:00 - Introduction and Guest Introduction 00:00:51 - AI and Cybersecurity Spending 00:01:12 - Employment and the Hacker Economy 00:01:44 - Trustworthiness of AI Systems 00:01:58 - Human vs. Synthetically Generated Data 00:02:09 - Host Reintroduction and Podcast Information 00:02:53 - AI Delusion and Marginal Improvements 00:03:44 - Beneficiaries of AI Hype 00:05:00 - AI Sentience and Job Loss Concerns 00:07:08 - Future Job Market and Employment Concerns 00:08:20 - Investment in AI and Startup Hype 00:10:12 - High-Risk, High-Return in AI Investments 00:12:06 - Competitive Landscape in AI Development 00:13:04 - Practical Challenges with AI Tools 00:14:17 - Future of Work and Hacker Economy 00:16:07 - Shift to Fractional Consultancy Model 00:17:31 - Specialisation and Knowledge-Intensive Work 00:18:45 - Assurance and Human Role in AI Systems 00:19:55 - UK Employment and Up-skilling Opportunities 00:20:23 - Nationwide AI Up-skill Programs 00:22:14 - Emotional Reactions to AI Adoption 00:23:16 - Augmentation vs. Replacement by AI 00:25:00 - Effort and Long-Term Benefits in AI Era 00:28:49 - Misconceptions About AI Sentience 00:29:45 - Ethical Concerns in AI Deployments 00:32:33 - AGI and ASI Definitions and Implications 00:34:50 - Science and Error in AI Systems 00:35:01 - Human Role Behind AI Systems 00:37:17 - Regulation and Control in AI Development 00:40:13 - Democratisation of AI Access 00:43:07 - Practical Example: AI in Legal Judgments Find [guest name] online at: LinkedIn: https://www.linkedin.com/in/andreaisoni20/ Twitter: https://x.com/theandreaisoni AI Technologies: aitechnologies.co This episode is sponsored by EmergeOne, fractional CFOs for venture backed tech startups from Seed to Series B. Get in touch at https://emergeone.co.uk/contact-us/ or join the CFO team at https://emergeone.co.uk/join-the-cfo-team/ Sign up for EmergeOne’s weekly newsletter, Off Balance at https://off-balance.beehiiv.com/subscribe Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

In this episode of Nothing Ventured, host Arish Shah sits down with DDan Pandeni Idhenga, co-founder of the London Venture Capital Network, one of the fastest-growing venture communities in the UK. Dan shares his diverse journey from Namibia to New York and London, with experiences at J.P. Morgan, AIG, and successful startups like Confirm. The conversation delves into the challenges of accessing the venture capital ecosystem, the intricacies of scaling an events business while maintaining its unique charm, and the importance of educating the next generation of venture professionals. Dan discusses the reality check many face when entering VC, delineating three archetypes within the industry: the researcher or analyst, the community builder, and the investor. He also addresses the perceived flaws in the UK's venture model and emphasises the positive culture he aims to foster within the London Venture Capital Network. Tune in for insights on building connections between aspiring VCs, seasoned investors, and ambitious founders. Timestamps: 00:00:00 - Introduction to Nothing Ventured and Dan Pandeni Idhenga 00:01:04 - The Opaque VC Ecosystem and Access 00:03:05 - Transitioning to Community-Based Business 00:04:57 - Vision for the London Venture Capital Network 00:07:37 - Scaling While Preserving Quality 00:09:07 - Identifying the Secret Sauce of Events 00:10:40 - Differentiating LVCN from Other Events 00:12:47 - Building a High-Quality Community 00:15:05 - Lessons from the Namibia Startup Investor Forum 00:18:08 - The Importance of Experimentation in Community Building 00:21:41 - Engaging Students and Young Professionals in VC 00:22:37 - Tools for Breaking into Venture Capital 00:24:16 - Understanding the Three Archetypes in VC 00:27:08 - The Importance of Networking and Writing 00:30:19 - Evolving Landscape of Venture Capital 00:34:19 - Startup Experience vs. Direct Entry into VC 00:40:19 - Adjusting LVCN's Approach to Industry Changes 00:44:57 - The Value of Startup Experience for Aspiring Investors Find Dan Pandeni Idhenga online at: LinkedIn: https://www.linkedin.com/in/danidhenga/ Twitter: https://x.com/DanIdhenga London Venture Capital Network: https://www.londonvcnetwork.com/ This episode is sponsored by EmergeOne, fractional CFOs for venture backed tech startups from Seed to Series B. Get in touch at https://emergeone.co.uk/contact-us/ or join the CFO team at https://emergeone.co.uk/join-the-cfo-team/ Sign up for EmergeOne’s weekly newsletter, Off Balance at https://off-balance.beehiiv.com/subscribe Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.