Everything Nichole Wischoff said on any show that made the record, most notable first. Each card names its show and opens the statement there.
Wischoff: LPs Say 80% of Fund II/III VCs Lack Portfolio Construction Models
“And so they were saying that like, you know, 80% of the meetings they take and these are folks on fund two and fund three, like clearly have never opened up a spreadsheet and like walk through portfolio construction.”
Wischoff: VC partners write small seed checks to minimize personal reputational risk
“They're so active in seed because the individual investors are like, well, hey, if we take thirty million and divide that out by a ton of two, three million dollar checks, if we lose a few, it's not such a blow to the reputation of that, you know, partner at t…”
Wischoff: Traditional growth fund underwriting models are completely broken
“So the entire underwriting model of like a great business for growth funds is broken.”
Wischoff: LP venture allocations and sentiment will rebound within 24 months
“This is just all cyclical, right? Like, we're gonna be in a world, I bet in 24 months, I hope that I'm on the show, and we're talking about this, and everyone's gonna be like, wow, we, like, tripled our exposure in venture, and everything's going fantastic, an…”
Wischoff: Consumer AI apps resemble NFTs with short-lived hype cycles
“It's like NFTs. They come in and they're so cool for like five minutes and then it's like, wow, we spent a lot of money there.”
Wischoff: Beyond OpenAI, Claude, and Perplexity, consumer AI lacks daily stickiness
“I don't know that I found anything even personally sticky enough that I'm like every day, like, you know, like messing around with it. And I, well, I guess it's not fair. Like obviously like open AI, like Claude and perplexity. But I think like on the everyday…”
Wischoff: Pension funds provide stickier venture LP capital than university endowments
“Endowments will actually leave you. Like they will turn, but he's like, pensions don't. So if you get in, it's like pretty sticky, but they do have a high bar for like emerging folks.”
Wishoff: More YC solo founders have revenue without hiring plans
“There are more solo founders that have revenue and customers with no plans, even with funding from this round.”
Wishoff: Current YC startups are targeting global markets from day one
“This is, like, the first batch maybe ever that I'm hearing from some growth investors where everyone from the start is international. Normally, it's, like, US market or. But everyone is starting off saying, like, we serve, we're global.”
Wischoff: Institutional LPs Expect to Know Managers Years Before Investing
“Existing LPs as you guys probably know, you want to get to know institutional folks years before they invest, or that's the expectation that they know you for a super long time.”
Wischoff: Over 75% of VC capital raised went to around 10 mega-funds
“75% of VC funds or maybe north of that went to like 10 funds, or sorry, capital raised for venture funds went to like the biggest ones, the GCs, the Andreessen's.”
Wischoff: Specialized vertical AI applications are harder for customers to replace
“The more specialized you are in your vertical and the more you can enable a home services business, for example, to you know, hire less people and bring in more business. I think the more like, you know, insulated you are, it's harder to rip you out. And so I'…”
Wischoff: Enterprise AI adoption is bottlenecked by lack of implementation knowledge
“I think people like really, really like don't think deeply about how hard it is to get people to adopt this. I know the idea is to like decrease head count, but like no one understands this stuff. No one knows how to implement. No one knows how to think about …”
Wischoff: Even top-tier venture spinouts are struggling to raise LP capital
“But I think it's also, I thought that like shit, it's just hard for me because I've never been in venture before and I'm trying to like do something substantial, but it turns out that like, even the folks that spin out, Are still getting kicked in the teeth.”