In this episode of Nothing Ventured, host Aarish Shah welcomes investment manager Piotr Bukanski from Beringea. Piotr shares insights from his extensive background in finance, including his time at Merrill Lynch and his current focus as a generalist investor in B2B data, climate tech, and fintech. The conversation delves into the transferable skills from investment banking to growth investing, the importance of risk-taking and accepting failure in venture capital, and the dynamics of transitioning between consumer and B2B investments. Piotr emphasises the value of having a broad funnel of companies as a generalist while also becoming a specialist in specific sectors. He discusses the significance of understanding board dynamics and the necessity of vulnerability in investor-founder relationships. Additionally, Piotr addresses the challenges of climate tech infrastructure projects in relation to cash profiles and the current negative narrative surrounding the European IPO market. Tune in for an engaging discussion on the evolving landscape of venture capital and investment strategies.

Timestamps:

00:00:00 - Introduction to Piotr Bukanski

00:01:06 - Transitioning from Investment Banking to Venture Capital

00:03:02 - Unlearning and Learning in Venture Capital

00:05:01 - Dealing with Imperfect Information

00:07:07 - Long-Term Thinking vs. Short-Term Metrics

00:08:34 - Comfort with Uncertainty in Early-Stage Investing

00:10:34 - Finding Reasons to Say Yes in Investments

00:11:44 - Identifying Risks vs. Upsides

00:12:54 - Decision-Making in Venture Capital

00:14:07 - Cultural Attitudes Towards Failure in Venture

00:19:45 - Shifting Focus from Consumer to B2B Investments

00:20:51 - Generalist vs. Specialist Investors

00:22:05 - The Value of Generalist Investors

00:24:05 - Specialisation in Different Stages of Investment

00:30:00 - Developing Skills as a Board Member

00:32:21 - The Importance of Listening on Boards

00:34:37 - Navigating Conflicts of Interest on Boards

00:38:24 - Challenges in Climate Tech Investment

00:39:35 - Capital Requirements in Climate Tech

00:41:08 - Finding Opportunities in Climate Tech

00:45:02 - The Role of Venture Capital in Large-Scale Projects

Find Piotr Bukanski online at:

LinkedIn: https://www.linkedin.com/in/piotr-bukanski/

Twitter: https://x.com/Beringea

Beringea: https://beringea.co.uk

This episode is sponsored by EmergeOne, fractional CFOs for venture backed tech startups from Seed to Series B.

Get in touch at https://emergeone.co.uk/contact-us/ or join the CFO team at https://emergeone.co.uk/join-the-cfo-team/

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