Nabeel Hyatt is a General Partner @ Spark Capital, one of the leading firms of the last decade with portfolio companies including Twitter, Anthropic, Coinbase, Affirm, Discord, Deel and more.
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Timestamps:
(00:00) Intro
(00:50) Adapting Investment Mindset for the Age of AI
(04:17) Adaptation of Venture Firms for Rapid Creativity & Innovation
(10:00) Heuristics for Evaluating the Explosion of Startups
(12:53) Venture’s Shift from High Margin to Commoditized Industry
(18:07) Effective Coaching & Mentorship Within a Partnership
(19:29) Doubting Yourself as an Investor During the COVID Era
(22:19) VC Service vs. Founders Who Don’t Need Help
(25:23) What Happens When Nabeel Loses Faith in a Founder?
(29:40) Sustainability of Value in a Rapidly Changing World
(32:46) Why Focus on Product When It’s the Most Transient Element?
(36:19) How Many Companies Does Nabeel Meet a Week?
(39:48) Regrets Over Turning Down Deals Due to Price
(42:37) Secondary Market Activity & The Need for Liquidity
(44:23) Three Categories of AI Startups & How to Approach Them
(50:53) Does DeepSeek Change OpenAI and Anthropic’s Strategy?
(54:03) The Future of the Agent Economy and Replacing Labor
(57:39) Biggest Loss
(01:00:20) Key Challenges Facing Europe Today
(01:02:09) How to Approach the Path to Raising for AI Startups
(01:05:36) Quick-Fire Round
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In Todays Show with Nabeel We Discuss:
1. The Rules of Investing:
– What have been Nabeel’s biggest lessons on price sensitivity? When did he not pay up and with the benefit of hindsight, wish he had of paid up?
– How important is ownership to Nabeel and Spark? How does Nabeel think about reserve investing and doubling down?
– Why does Nabeel not engage in secondary markets? How does Nabeel think about when is the right time to sell?
– Why does Nabeel think the majority of market sizing is total BS?
2. The Venture Landscape: Run by Principles and Broken:
– Why does Nabeel believe this generation of AI investing will require a different mindset to the one that made VCs successful over the last decade?
– Why does Nabeel believe that venture is currently run by principals and associates? Why is that such a problem?
– Why does Nabeel believe that the majority of venture firms today are dead but do not know it yet?
– What does Nabeel believe happens to the mega multi-stage firms who have raised billions and billions?
3. How to Win the VC Game in a World of AI:
– Infrastructure, models, apps: where does Nabeel believe the most value will accrue in the next decade of AI investing?
– What does Nabeel mean when he says there are three categories of AI apps today? Where does Nabeel believe the most valuable will be built?
– Does Nabeel believe Deepseek hurt or helped the future for Anthropic? How could Anthropic be a $100BN company from this point?
– What does no one see about the next 10 years of AI that everyone should see?
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