The Ledger
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Love: Defense tech ecosystem will fail if startups cannot scale manufacturing
“I think how this entire ecosystem, both from an entrepreneurial and a VC perspective, like defense tech, how this goes wrong is we actually cannot deliver on the systems that we are selling the government. I actually think the snowball of, like, accepting new …”
Mignano: Many explosive AI startups suffer from very high customer churn
“With a lot of these explosive high ARR companies that we've seen over the past couple of years with AI, it's not really a secret. You guys have probably heard of this as well. Many of them are very, very churning, right? They churn very quickly.”
Love: Lightspeed values early defense R&D and SBIR revenue at zero
“Nine times out of 10, you get this really small, like cyber revenue.
Like I don't have a system yet.
I got to develop the thing.
I got to go get someone to pay me for some small, like two, three, four, five million dollar R and D money.
And as an investor in t…”
Mignano: Foundation model startups need unique data, product, or distribution
“I don't think a model by itself is necessarily interesting. I think there needs to be a product and a team behind it. And so I think if you were starting a model, you know, if you were starting a company today that was training a foundation model, I think you …”
Randle: Mega-funds like a16z and Lightspeed replaced Tiger in VC platformization
“Instead of Tiger, you know, continuing to be this large platform, you now have like four other platforms that were actually established in those days of 20, 21. And so it's like, okay, yeah, like you don't have Tiger, But like, how big is Andreessen's last fun…”
Love: Multi-product systems companies are the sweet spot for defense venture returns
“The sweet spot in my opinion is what I define as these like systems companies. And again, like, you know, and I'll use Andrew as an example here because everybody knows them, but it's like, you know, there's a clear software kind of component to what they do. …”