Hussein Kanji

I think WIRE went in June. We're sitting in December. It'd be foolish for me to say anything about how it's doing. I don't know.

It's not a generic model. It's a model for material science. It's a foundational model that's bespoke. There's a piece of Microsoft research that came out two years ago that proves that this kind of stuff can work. It's basically the AI building the next generation of materials using AI. It's a very different type of foundational model.

It's not a generic model. It's a model for material science. It's a foundational model that's bespoke. There's a piece of Microsoft research that came out two years ago that proves that this kind of stuff can work. It's basically the AI building the next generation of materials using AI. It's a very different type of foundational model.

It's not a generic model. It's a model for material science. It's a foundational model that's bespoke. There's a piece of Microsoft research that came out two years ago that proves that this kind of stuff can work. It's basically the AI building the next generation of materials using AI. It's a very different type of foundational model.

Yeah, so the probability at seed of picking something that becomes a unicorn is 3%, done in a few times.

Yeah, so the probability at seed of picking something that becomes a unicorn is 3%, done in a few times.

Yeah, so the probability at seed of picking something that becomes a unicorn is 3%, done in a few times.

That's a one-to-one rule of thumb. It's not quite what we do, but just double it because that's the easiest mental way to do it. What do you think of all these seed funds that are $75 million? I'm worried.

That's a one-to-one rule of thumb. It's not quite what we do, but just double it because that's the easiest mental way to do it. What do you think of all these seed funds that are $75 million? I'm worried.

That's a one-to-one rule of thumb. It's not quite what we do, but just double it because that's the easiest mental way to do it. What do you think of all these seed funds that are $75 million? I'm worried.

Like, I think in a bull market where you're writing the first ticket and someone else is then carrying the slack and picking it up, you know, it's easy to be the feeder fund for those folks and write the small checks. I think we have too many of them right now in the industry. I think right now the real opportunity in Europe is there a handful of really good venture funds at the top.

Like, I think in a bull market where you're writing the first ticket and someone else is then carrying the slack and picking it up, you know, it's easy to be the feeder fund for those folks and write the small checks. I think we have too many of them right now in the industry. I think right now the real opportunity in Europe is there a handful of really good venture funds at the top.

Like, I think in a bull market where you're writing the first ticket and someone else is then carrying the slack and picking it up, you know, it's easy to be the feeder fund for those folks and write the small checks. I think we have too many of them right now in the industry. I think right now the real opportunity in Europe is there a handful of really good venture funds at the top.

We know who they are, right? Index, Axel, Sequoia, et cetera, like all very active in Europe. What do you think? Sorry, do you think there's actually a handful?

We know who they are, right? Index, Axel, Sequoia, et cetera, like all very active in Europe. What do you think? Sorry, do you think there's actually a handful?

We know who they are, right? Index, Axel, Sequoia, et cetera, like all very active in Europe. What do you think? Sorry, do you think there's actually a handful?

I think it's slightly more broad than that. I mean, I think Crandom would feel really annoyed if you didn't put them on the list. I think that's true of a bunch of other funds. No, Crandom are a seed fund. I think they're a Series A fund, but okay, fine, nomenclature. There are a handful of funds that are bigger and aiming for big outcomes in Europe. But the market here has grown 30-fold.

I think it's slightly more broad than that. I mean, I think Crandom would feel really annoyed if you didn't put them on the list. I think that's true of a bunch of other funds. No, Crandom are a seed fund. I think they're a Series A fund, but okay, fine, nomenclature. There are a handful of funds that are bigger and aiming for big outcomes in Europe. But the market here has grown 30-fold.

I think it's slightly more broad than that. I mean, I think Crandom would feel really annoyed if you didn't put them on the list. I think that's true of a bunch of other funds. No, Crandom are a seed fund. I think they're a Series A fund, but okay, fine, nomenclature. There are a handful of funds that are bigger and aiming for big outcomes in Europe. But the market here has grown 30-fold.

Like when we first started, there was about a billion that went into Europe in venture. These days, about 30 billion that goes into Europe in venture. Weirdly enough, people seem to think like markets that get more liquid and more competitive are bad. I think markets that get more liquid and more competitive are good because the market's actually working.