Joe Seager-Dupuy's writing on VC, startups, tech and life in London.
One of our teams is going through a hard pivot. They were working for about 18 months on a certain idea, and came to the realisation across Q1 this year that the market pull isn't there. They are super ambitious, and so even if there may be a path to a profitable small business, it's clear that outcome is in no way interesting for them. We went for a drink to talk about what might be next. The…
I've noticed a trend amongst start-up media. Gossip. It starts as a relatively 'normal' obsession with hearsay and rumour. After all, the backroom chatter of Westminster has been the fuel for British newspapers' political pages for centuries, and so it's a well trodden path for the media at large. But recently, in the start-up and VC world, it seems to have metastasised into something much more…
My wife, daughter and I went to Bath this weekend for an Easter break. It's over 15 years ago that I first came to this city to start university. A lot has happened since then. A failed start-up. Career stints as a consultant, a commercial guy, a corporate development guy, and now a VC. A marriage. A baby. A couple of tragic losses. A couple of cherished gains. I didn't massively enjoy university,…
Today, Open AI announced that is has acquired TBPN, reportedly for "low hundreds of millions". The obvious point is that it's an ironic announcement so soon after the declaration of discipline: no more side quests . The broader point is that it shows a start-up (and yes, despite the valuation, they are still a start-up in lifetime terms) struggling to figure out its true levers of long-run…
April Fools jokes aren't what they used to be. Companies used to be more playful. But now that news travels so quickly, and the stock market is so responsive to narrative, I think the risk of a badly-executed joke translating to a multi-$bn hit to a market capitalisation has become too high to both. We're too jumpy now, and I think that means we're less fun.
The weather has turned in London. It feels like Spring is here. I went for a walk today with my daughter and wife in the park. The bright green grass was set against a blue sky, the whole field of view drenched in sunshine. The physical and mental impact is off the charts.
The pace the world is moving right now feels unprecedented. Access to the internet created: Unlimited supply (creators) of content Instantaneous, continuous and global distribution Algorithmic amplification of high engagement content High-dopamine multimedia content experiences These four factors have converged to create a constant, loud, bright, cluttered, overwhelming content rhythm that…
This week saw a bunch of Open AI's announced products get shut down as the vibes shifted from experimentation to prioritising of enterprise and productivity, and a cull of "side quests" . Products that have been cut in the last couple of weeks include Sora (video), Adult Mode (porn) and Instant Checkout (eCommerce). The news has triggered much grave dancing across the board, exacerbated by recent…
A big part of my job is speaking to other VC investors. I do it to find new opportunities, to chat about the market, to refine investment theses, and generally to compare notes on how to play this game. Today I was speaking with a good friend from one of the biggest European multi-stage funds. They manage >€1bn and have a specific mandate, due to the composition of their LP base, to invest the…