The hottest Venture Capital Substack posts right now

And their main takeaways
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The Gospel of Founders Fund

The Generalist • 2561 implied HN points • 26 Jun 25
💼 Business Venture Capital
  1. Founders Fund is more than just a venture capital firm; it aims to shape the future of Silicon Valley with its bold ideas and deep tech focus. It's stirring up conversations about innovation and national pride in investing.
  2. Peter Thiel, a key figure in the firm, is known for his contrarian thinking and unique insights. His willingness to challenge conventional ideas shapes the direction of tech investment and attracts unconventional founders.
  3. The firm has successfully invested in cryptocurrencies early on and has made strategic decisions to capitalize on market movements, showcasing its ability to blend analytical thinking with innovative opportunities.

Monkey Laundering

Where's Your Ed At • 20772 implied HN points • 26 Sep 23
💼 Business Venture Capital
  1. Investing in NFTs as a way to own unique digital assets may not guarantee value or ownership of intellectual property.
  2. Many NFT projects overpromise benefits like voting power and ownership in the company, leading to unfulfilled expectations.
  3. The NFT industry is often characterized by scams, fake transactions, and inflated values, preying on the desperation of people seeking investment opportunities.

Founders Fund: The Kingdom

The Generalist • 2341 implied HN points • 01 Jul 25
💼 Business Venture Capital
  1. Founders Fund has a huge influence in technology and government, caring about military and defense tech. They believe in building new companies rather than just waiting for good ideas to come.
  2. Their unique approach has led to successful startups like Anduril, which has a high valuation. Founders Fund's way of thinking helps them support innovative companies in challenging fields.
  3. The story of Trae Stephens illustrates how personal drive and vision can lead to success in high-stakes environments. His journey through education and career decisions reflects the importance of determination and adapting to change.

Brex’s exit isn’t a failure

Alex's Personal Blog • 164 implied HN points • 23 Jan 26
💼 Business Venture Capital
  1. Brex's sale to Capital One for about $5.15 billion should be seen as a success, not a failure. Despite earlier frothy valuations, the company turned more than a billion of investor capital into a multi‑billion dollar exit.
  2. OpenAI is growing rapidly and is financially healthy; it added over $1 billion in ARR in a month and still has large cash reserves and access to new funding. That makes the 'running out of money' narrative unlikely in the near term.
  3. The tech landscape is mixed: regulators are signaling tougher scrutiny of big-company acquisitions and layoffs continue at major firms, even as self‑driving services expand into new cities. Growth and dealmaking will therefore occur under greater pressure and oversight.

A Reality-Based View of Government Funding of Science

The Good Science Project • 55 implied HN points • 18 Feb 26
🔬 Science Venture Capital
  1. There is a tension between official grant rules and everyday practice: policies can require prior approval for scope changes, but in practice researchers often shift aims as discoveries arise and report those changes in annual progress reports.
  2. Peer review at large agencies tends to favor safer, well-supported proposals, yet agencies also run small high-risk, high-reward programs that have worked; the debate is how much of the overall portfolio should be devoted to those bolder bets.
  3. Private funders behave differently from government: venture capital favors short- to medium-term, marketable projects and foundations have narrow scopes and limited funds, so long, uncertain basic research often still relies on government support.
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Sam Altman Is the Christopher Columbus of Our Time

The Algorithmic Bridge • 615 implied HN points • 17 Nov 25
🕹 Technology Venture Capital
  1. Sam Altman and Christopher Columbus are both seen as frontier explorers in their times, pushing into new territories, whether that’s AI or undiscovered lands. Both men have taken bold risks that few others dared to take.
  2. Each of them has a strong belief in their vision that allows them to rally support, funding, and followers, even when their ideas seemed far-fetched at first. They both demonstrated an ability to convince others to invest in their dreams.
  3. While their ambitions drive them, they also face challenges and revolts from those around them. Columbus faced rebellion from his crew, while Altman has experienced similar tensions within his company, showing that leadership can be as tumultuous as it is visionary.

How To Determine If You Have The Product-Market Fit - From a16z & Sequoia Capital. | VC Jobs

Venture Curator • 419 implied HN points • 28 Jun 24
💼 Business Venture Capital
  1. Product-Market Fit is crucial for startups; it means customers are buying and using the product enthusiastically.
  2. Metrics are key to determine Product-Market Fit; track factors like customer acquisition cost, customer lifetime value, and retention rates.
  3. If you haven't achieved Product-Market Fit, focus on customer feedback, keep your team lean, and avoid ineffective shortcuts.

2025: My Top 5 Favorite Interconnected Posts

Interconnected • 246 implied HN points • 29 Dec 25
🕹 Technology Venture Capital
  1. Choosing curiosity and learning over chasing trends can slow audience growth but yields deeper insight and useful unlearning. It means sometimes writing pieces that teach you the most even if they aren’t popular.
  2. Global geopolitics and infrastructure are reshaping AI: regions like the UAE and China are becoming central players, and sanctions or cross-border finance can drive surprising industry outcomes.
  3. Practical implementation and disciplined investing matter a lot: roles like forward deployed engineers determine whether enterprise AI actually works, and equanimity plus solid risk management helps investors survive volatile periods.

Your startup idea probably isn’t venture-scale

Lenny's Newsletter • 3537 implied HN points • 16 May 23
💼 Business Venture Capital
  1. Having a venture-scale startup idea involves aiming for $100 million annual revenue and $1 billion+ valuation in 10 years.
  2. Venture-scale investors look for a large market, a scalable business model, high growth potential, the ability to turn capital into growth, and a path to going public.
  3. Not all startup ideas need to be venture-scale; many ideas can still build a great revenue-generating business without the pressure and expectations of venture capital.

A few themes for 2026

Tanay’s Newsletter • 220 implied HN points • 29 Dec 25
🕹 Technology Venture Capital
  1. Big AI products will start finding ways to monetize massive free usage with ad-like or sponsored placements outside of direct answers, because subscriptions alone won’t capture everyone.
  2. AI will get more proactive and agent-like, monitoring signals, surfacing updates, and taking on multi-step tasks without waiting for prompts.
  3. Technical leaps in reliable computer use and continual learning will let agents actually operate apps, fill complex forms, and improve over time so they can complete work instead of just offering suggestions.

IPO Watch: Ethos and Bitgo edition

Alex's Personal Blog • 131 implied HN points • 21 Jan 26
💼 Business Venture Capital
  1. AI is reshaping markets fast: consumer and enterprise AI products are driving big revenue and valuations, while demand for AI coding tools is soaring and companies are promising to limit their energy and water impact.
  2. Geopolitical and demographic risks are growing, with fraying alliances, market jitters over treasuries, and falling birth rates that together threaten long-term economic stability.
  3. The IPO and venture exit picture is tough: Ethos is growing but listing below prior private valuations, BitGo shows huge topline crypto flows but thin core profits, and many software unicorns face low exit multiples that make strong returns harder.

Silicon Valley's Slaughterhouse

Where's Your Ed At • 15430 implied HN points • 08 Sep 23
🕹 Technology Venture Capital
  1. Elon Musk is involved in a legal battle over accusations of anti-semitism and his actions have had significant impacts on advertising revenue and Twitter's valuation.
  2. Silicon Valley culture has devolved into a profit-driven, empty innovation environment fueled by venture capital, lacking real societal impact.
  3. The tech industry, led by venture capital, has created a culture of labor exploitation, hollow promises, and superficial startup culture, with the focus on profitability rather than meaningful innovation.

How to get to Product Market Fit: what it is, step by step guide and success cases like Notion, Canva and Stripe

The VC Corner • 659 implied HN points • 04 May 24
💼 Business Venture Capital
  1. Product Market Fit (PMF) means having a product that people really want or need. It's not just about making the product; you also have to learn how to sell it well.
  2. To achieve PMF, start by identifying a specific problem people face and create a strong solution. It’s important that the problem is significant enough for people to want to pay to solve it.
  3. Successful startups often follow a process to reach PMF, which includes finding a niche, validating pricing, and continuously improving the product based on customer feedback.

How to Break into VC🎓, Europe VC Dealmaking Funnel🔍, The Billionaire Battle For AI's Future⚔️

The VC Corner • 359 implied HN points • 16 Jun 24
💼 Business Venture Capital
  1. To get into venture capital, you need to build connections and understand the industry well. Networking and learning from experiences are crucial steps.
  2. The European venture capital market has a specific deal-making process that can be different from other regions. Knowing this funnel can help you navigate opportunities better.
  3. There's a growing competition among billionaires for AI technology. Understanding this battle can give insights into where future investments might be directed.

Levels of greatness

next big thing • 37 implied HN points • 12 Feb 26
🕹 Technology Venture Capital
  1. Greatness exists in distinct layers, and the gap between each level can be enormous — someone who’s great at one level can be thoroughly outclassed by the next.
  2. Many systems follow a power-law pattern where a tiny number of people, companies, or places capture most of the attention, wealth, or returns.
  3. AI, especially models that can help build and improve themselves, is accelerating that concentration, so a small set of firms is likely to pull much farther ahead.

Demystifying Venture Capital: Realities and Challenges of the sector

The VC Corner • 299 implied HN points • 22 Jun 24
💼 Business Venture Capital
  1. The venture capital market is very crowded, making it hard to find unique investment opportunities. To succeed, it's crucial to stand out from the competition.
  2. Many venture capitalists have never built a company themselves, which may limit their ability to help startups effectively. Practical experience is important in providing useful guidance.
  3. Successful founders are good at raising money quickly so they can spend more time on their products. They focus on building strong connections with the right investors to make fundraising easier.

Steve Jobs’ 9 Product Development Tactics For Startups & The 4 P’s of AI | VC Jobs

Venture Curator • 339 implied HN points • 13 Jun 24
💼 Business Venture Capital
  1. Start with the customer's experience in mind: Steve Jobs emphasized beginning with the customer experience and working backward to the technology.
  2. Avoid asking customers what they want: Instead of focusing on functional needs, look at emotional and social goals to drive innovation.
  3. Disruptive innovation is key: Jobs believed in disrupting industries with low-cost, simpler solutions to stay relevant and drive success.

The startups are thriving

Alex's Personal Blog • 262 implied HN points • 12 Dec 25
💼 Business Venture Capital
  1. The federal government moved to preempt state AI laws by creating a task force and directing agencies to build a uniform national AI policy that can challenge conflicting state rules.
  2. A coalition of allied countries is coordinating to secure AI supply chains—investing in chips, rare earths, and infrastructure to reduce reliance on strategic rivals.
  3. AI-first startups are growing far faster than traditional benchmarks, posting huge ARR gains and forcing investors to expect growth well beyond the old T2D3 model.

Stages of Board Deck Preparation📝, How to be helpful as a VC📚, Secondary Market VC Funds🔄

The VC Corner • 279 implied HN points • 23 Jun 24
💼 Business Venture Capital
  1. Preparing a board deck requires several key stages to make sure everything is clear and organized.
  2. As a venture capitalist, being helpful includes providing valuable insights and support to the startups you invest in.
  3. Secondary market VC funds allow investors to buy and sell stakes in venture funds, providing more flexibility and liquidity.

State of Pre-Seed🌱, Gulf money is flooding into European startups🌏, Looking for AI use-cases🧐

The VC Corner • 579 implied HN points • 28 Apr 24
💼 Business Venture Capital
  1. Gulf countries are investing a lot of money into startups in Europe right now. This means European startups have more funding opportunities to grow.
  2. There's a strong interest in finding use-cases for artificial intelligence. Companies are looking for new ways to apply AI technology effectively.
  3. The pre-seed funding stage is important for new businesses to get started. This is when they first seek money to develop their ideas and products.

Saying The Quiet Part Out Loud

Investing 101 • 64 implied HN points • 24 Jan 26
💼 Business Venture Capital
  1. People in venture and business are playing different games — playing to win, playing for power, or playing to survive — and each game leads to different goals and behaviors.
  2. The real mistake is pretending everyone is playing the same game; not recognizing others' aims will make you compete on the wrong terms and cost you.
  3. Be deliberate about which game you choose and play it well; don’t let winners or power players drag you into their game if it doesn’t fit your goals.

How to Raise Your First Fund💼, 2024 Midas List🏆, Analyzing Startup Financials 📊

The VC Corner • 319 implied HN points • 09 Jun 24
💼 Business Venture Capital
  1. Raising your first fund can be a challenging but rewarding process. It's important to prepare thoroughly and understand your investors' needs.
  2. The 2024 Midas List highlights top performers in venture capital. This list can give insights into successful investors and trends in the industry.
  3. Analyzing startup financials is vital for making informed investment decisions. A solid grasp of finances helps in assessing a startup's potential for growth.

How to Invest in Space Tech: The Case of Rocket Lab

Space Ambition • 179 implied HN points • 12 Jul 24
💼 Business Venture Capital
  1. Rocket Lab focuses on launching small payloads which is a growing need in the satellite market. This makes their service essential for companies needing timely deliveries.
  2. The company's innovative technology, such as 3D-printed engines, allows them to offer flexible launch options. This gives customers more control over their launch schedules.
  3. Despite some competition, Rocket Lab has a good chance to become a leader in its niche. Their strong team and existing client commitments make them an appealing investment.

How Successful Startups Solved the Chicken and Egg Problem: A Case Study of Tinder, Uber and Airbnb! | VC Jobs

Venture Curator • 359 implied HN points • 30 May 24
💼 Business Venture Capital
  1. The Chicken and Egg Problem is common in marketplace-type businesses, requiring both supply and demand to succeed.
  2. Successful startups like Tinder, Airbnb, and Uber found creative solutions to attract their first users and overcome the challenge of building a two-sided platform.
  3. Timing is crucial for startups; being in a small market that is growing quickly can greatly increase your chances of success.

The 49-Year Unicorn Backlog🦄, AI has a gross margin problem🤖, The Path to CFO📚

The VC Corner • 379 implied HN points • 26 May 24
💼 Business Venture Capital
  1. There is a significant backlog of unicorn startups that have yet to go public. This may impact the market's dynamics.
  2. Artificial Intelligence is facing challenges with its gross margins. Companies need to find ways to improve profitability as costs rise.
  3. There are clear steps and paths for finance professionals aiming to become CFOs. Understanding the necessary skills and experiences is crucial for career advancement.

OpenAI in Davos…Looking Back on 10 Years of Unicorns With Aileen Lee...Stripe and SpaceX’s Secondary Pricing

Newcomer • 1238 implied HN points • 19 Jan 24
🕹 Technology Venture Capital
  1. OpenAI has faced challenges as a 'big tech' company early in its life, including raising significant funds and experiencing executive drama.
  2. OpenAI removed its 'Don't Be Evil' slogan and is now collaborating with the Department of Defense on cybersecurity projects.
  3. Aileen Lee's research on unicorns reveals that strong unicorns are more involved in enterprise tech than consumer tech, with many 'papercorns' yet to prove their value.

Why everyone is mad at California voters, and the impolite fiction of the Nvidia-Groq deal

Alex's Personal Blog • 164 implied HN points • 29 Dec 25
🕹 Technology Venture Capital
  1. A proposed one-time billionaire wealth tax in California looks fair politically and could raise a lot for healthcare, but it's impractical because much billionaire wealth is illiquid and would force asset sales or borrowing to pay.
  2. Wealth taxes run up against mobility and incentives: the very rich can move or shift investments to lower-tax states, so the measure would likely cause capital flight and reduce long-term business activity and revenue for California.
  3. Nvidia's deal with Groq risks undermining competition in AI inference hardware by neutralizing a potential challenger, which could concentrate market power and make it harder for smaller firms to compete.

The case against living in the Bay Area, for ambitious tech people

Cloud Irregular • 3548 implied HN points • 22 Nov 24
💼 Business Venture Capital
  1. Living in the Bay Area might not be necessary for tech success. There are many ways to build a successful career outside of that bubble.
  2. The traditional SaaS business model may not be as effective anymore. Companies should focus on creating value in other ways beyond just software.
  3. A balanced team is better than one dominated by technical skills. Recognizing the importance of marketing, sales, and other roles can lead to better business outcomes.

Megarounds make a comeback💰, The State of GenAI🤖, Doing Diligence Well🕵️

The VC Corner • 559 implied HN points • 14 Apr 24
💼 Business Venture Capital
  1. Megarounds, which are large funding rounds for startups, are becoming popular again. This means investors are feeling more confident about investing in big projects.
  2. The state of Generative AI (GenAI) is evolving quickly. It shows a lot of potential for various applications in tech and business.
  3. Doing proper diligence is important for investors. It helps them make smart decisions before putting money into a startup.

Antler's Framework for Finding the Right Problem to Solve | VC Jobs

Venture Curator • 319 implied HN points • 28 May 24
💼 Business Venture Capital
  1. Great companies focus on solving heartfelt problems to create successful and lasting businesses.
  2. Identifying a heartfelt problem involves looking beyond surface-level solutions and understanding the emotional, functional, frequent, urgent, and unavoidable aspects of the problem.
  3. To determine if a heartfelt problem is worth solving, conduct market research, speak with target customers, and focus on building relationships within the industry by understanding the core customer problem.

Apple’s Virtual Reality Headset Arrives Amid CES Buzz...Khosla Ventures in the Spotlight...Fewer Startups Landing Seed Funding

Newcomer • 1061 implied HN points • 12 Jan 24
🕹 Technology Venture Capital
  1. Apple is releasing a new virtual reality headset, but there are doubts about its success compared to AI tech.
  2. Microsoft offers resources and funding to startups interested in AI through its Founder Hub program.
  3. There has been a significant decline in the number of new startups receiving seed funding in recent years.

Resetting expectations for VC investing in health tech

Second Opinion • 1729 implied HN points • 19 Oct 23
💼 Business Venture Capital
  1. Not every startup in health tech needs to be backed by venture capital.
  2. Health tech industry may not yield many billion-dollar exits, but there are numerous smaller exits ranging from $40 to $500 million.
  3. Venture capitalists should consider alternative sources of capital like private equity, government grants, family offices, and angel investors for health tech startups.

Guest Essay: VC Contagion

Newcomer • 1808 implied HN points • 31 May 23
💼 Business Venture Capital
  1. Venture capital supports unsustainable models to achieve scale, like with tech giants Apple, Google, and Amazon.
  2. Companies like Uber and Airbnb, initially fueled by VC funding, now face challenges as they struggle with profitability.
  3. VC funding has fueled a culture of excessive capital consumption, leading to concerns about sustainability and the future of innovation.

Why xAI's revenue could be a key indicator of the AI bubble

Alex's Personal Blog • 98 implied HN points • 12 Jan 26
🕹 Technology Venture Capital
  1. xAI’s valuation is astronomically high compared to its current revenue, so whether it can rapidly grow sales will be a key signal of whether AI valuations are a bubble or justified. If xAI can’t scale into that price, investors may have overpaid heavily.
  2. AI labs are aggressively moving into healthcare and developer tooling, and firms are competing to lock customers into their platforms and standards to capture profitable enterprise use cases. These moves show the market is shifting from novelty to revenue-driven battles for control.
  3. A proposed California billionaire tax that treats voting control like ownership could push founders and capital out of the state and weaken Silicon Valley’s position. The policy risks being punitive and may incentivize relocation to lower-tax states.

Successful Startups Grow Quadratically, Not Exponentially. | VC Jobs

Venture Curator • 239 implied HN points • 11 Jun 24
💼 Business Venture Capital
  1. Successful startups grow quadratically, not exponentially, debunking the common misconception about their growth pattern.
  2. A framework for finding the right customers for your MVP involves focusing on a special subset of users who are excited about the long-term vision of the product.
  3. Understanding the Power User Curve can help identify and cater to highly engaged users, leading to more targeted product development and growth strategies.

How BigTech Invested in AI Companies in 2023

AI Supremacy • 1022 implied HN points • 11 Jan 24
🕹 Technology Venture Capital
  1. BigTech, including companies like Microsoft, Google, and Amazon, made significant investments in AI companies in 2023.
  2. Nvidia emerged as a leading investor in Generative AI in 2023, making diversified bets in the space and establishing a dedicated venture capital arm.
  3. Foundation models and development platforms were major beneficiaries of Big Tech's investment funding, with companies like Amazon, Google, Microsoft, Nvidia, and Salesforce deeply involved.

The VC Corner 📰 #14

The VC Corner • 739 implied HN points • 25 Feb 24
💼 Business Venture Capital
  1. Exit values for companies are dropping, which means it's harder for startups to sell and make a profit. This could affect how investors view their investments.
  2. Founder salaries are being measured more consistently, giving better benchmarks for what startup founders can expect to earn. It's important for new entrepreneurs to know this info.
  3. The overall outlook for the VC industry seems uncertain right now, with challenges ahead. Investors might need to adjust their strategies going forward.