Nichole Wischoff, founder of Wischoff Ventures, explains how rapid revenue acceleration in AI companies disrupts standard growth-stage underwriting math.
Assertion Not checkable as stated
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.”
Insight
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…”
Prediction Not checkable as stated
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…”
Opinion
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.”
Disclosure
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…”
Insight
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.”