Jörn "Joe" Menninger
speaker
1,749 appearances
8 recordings
1 series
first heard May 2026
last heard 13 Aug
Jörn "Joe" Menninger’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 8 in all, peaking in Jun 2026 with 3.
Appearances
Capital did not return evenly to the categories that led the previous cycles.
It concentrated around companies that governments, industries, enterprises, militaries and supply chains increasingly need to exist.
At the same time, the surviving companies from the 2019 to 2021 cohort were rewarded, but only after proving their economic structure under pressure.
In Q1, I talked about perceived necessity as the filter.
Today, I want to formulate that into a framework, what I'm calling the strategic necessity test.
The strategic necessity test asks a simple question.
Is a company being funded because it could become very large?
Venture optionality or because governments, enterprises, industries, defense systems or supply chains increasingly regarded its existence as strategically necessary.
In Q1, I described it as if your company disappeared tomorrow, would it matter?
That was the instinct.
What H1 gave us is the evidence to make this structural.
Six of eight top brands, defense procurement at institutional scale, SAP building a building euro AI stack.
This is not a sector preference.
This is a change in the source of demand from discretionary adoption to strategic requirement.
Let me make a little contrast between Neuro Robotics and DeepL.
What happened?
The first contrast.
In May, DeepL, one of Europe's most recognized companies, reduced its workforce by 25%.
In June, Neuro Robotics, a Stuttgart-based robotics company that most people outside of the industry had never heard of, raised $1.4 billion, the largest venture round in German history.
Why structurally?
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