The Learning Corner by Precursor

The Learning Corner by Precursor

By Mia Farnham, Charles HudsonBusinessTechnologyInvesting
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The Learning Corner by Precursor episodes

  • Episode #60: The 2025 Venture Review feat. Hunter Walk (Homebrew, Screendoor) and Peter Walker (Carta)
    This end‑of‑year episode of The Learning Corner by Precursor brings together our first podcast guests, Hunter Walk (Homebrew, Screendoor) and Peter Walker (Carta) for a wide‑ranging conversation on how venture capital has evolved in 2025. We unpack ballooning early‑stage valuations, the distortion created by media attention, and how few companies actually sit at the top of the market. We also discuss today’s exit landscape, growing pressure for liquidity, the rise of secondaries, and what recent IPOs and M&A activity mean for funds of different sizes. We close by examining what early‑stage venture really looks like today, from changing GP‑LP dynamics to faster paths to scale and the push to build more with smaller teams.
    • Why I No Longer Care About Startup Valuation When I Invest (Except For These Four Reasons) – Hunter Walk
    • Stop reading startup fundraising headlines – Peter Walker
    • Startup valuation expansion at seed was fastest at the top end – Peter Walker
    • Ya, it does happen – but for very, very few – Peter Walker
    • Startup M&A is so hot right now – Peter Walker
    • The Three Boxes Chime’s IPO Checked for Me – Hunter Walk
    • Praise Our Lord for Secondary Markets, Because Selling Shares is Now an Essential Part of Seed Venture Capital – Hunter Walk
    • How a Venture Fund (Ours!) Actually Works With Their LPAC – Hunter Walk
    • Startup funding is up, startup hiring is down – Peter Walker
    • Years from inception to $1B in revenue – Peter Walker
      • (0:00) Introduction and the importance of a founder's toolbox
      (2:01) Year-end reflection on major themes and valuations
      (4:36) Fundraising mistakes and valuation insights
      (9:02) Investment criteria and San Francisco's fundraising scene
      (15:25) Impact of valuation on future rounds and investment strategies
      (20:29) Startup exits and M&A environment
      (26:09) Venture trends and games in venture
      (28:18) Emerging managers, mega funds, and venture Darwinism
      (31:24) LPs and venture allocations, closing remarks
      33 min
    • Episode #59: Pivots Rarely Work, Missionary Founders, Does Seattle Hate AI?
      In this week’s episode, we break down Ben Casnocha’s shift in thinking on whether good ideas matter more than good founders, Aaron Harris’ challenge to the “missionary founder” trope, and Jonathon Ready’s exploration of why AI is getting eye rolls from engineers in Seattle. We discuss how these takes intersect with early-stage investing and what signals we should be looking for as the startup landscape keeps evolving.
      • Why Investing in Great Founders with Bad Ideas Rarely Works – by Ben Casnocha (LinkedIn)
      • Missionary Accountants – by Aaron Harris (Substack)
      • Everyone in Seattle Hates AI – by Jonathon Ready (Blog)
        • (0:00) Introduction and the importance of pivots in startups
        (4:08) Frameworks for successful pivots and founder adaptability
        (7:03) Missionary founders vs. pragmatic execution
        (12:39) AI skepticism among Seattle engineers and its impact on adoption
        (17:32) Closing remarks
        18 min
      • Episode #58: Charles Schwab Acquisition of Forge Global, Holding "Venture Zombies" Forever, What Is Burnout Actually?
        In this episode of The Learning Corner by Precursor, Mia Farnham is joined by Charles Hudson and Missy Martin to unpack three timely reads. First, we explore Charles Schwab’s $660M acquisition of Forge Global and what it signals about the mainstreaming of alternative assets for retail investors. Next, we dig into TechCrunch’s coverage of “venture zombies” and the rise of “hold forever” investors acquiring stalled startups. Finally, we reflect on a powerful essay by Sinéad O’Sullivan that reframes burnout as an identity collapse—not a productivity issue—and what that means for founders, operators, and investors alike.

        Schwab to pay $660M for private markets platform

        Why 'Hold Forever' Investors Are Snapping Up Venture Capital 'Zombies'

        On Burn Out and Why More Rest Isn’t Always Helpful

        (0:00) Introduction to the podcast and importance of identity in startups
        (0:56) Charles Schwab's acquisition of Forge Global and private market trends
        (3:31) Perspectives on secondaries, liquidity, and hold forever strategies
        (9:28) Addressing off-ramps and the evolution of venture zombies
        (14:11) Combating burnout and finding purpose beyond startups
        (21:18) The conflation of belonging and martyrdom in startup culture
        (23:48) Closing remarks and the impact of meaningful work
        25 min
      • Episode #57: Founder update signals, AI is a bubble and that's good and bad, YC's call to build "fundable" companies
        This week on The Learning Corner by Precursor, Mia Farnham and Charles Hudson dive into three thought-provoking reads shaking up the venture ecosystem:
        First, we break down Ben Zises’ take on why consistent founder updates may signal future success — and why that doesn’t always align with our own portfolio data.
        Next, we explore M.G. Siegler’s “Hey, There’s a Bubble” and what today’s AI funding frenzy reveals about hype cycles, economic dissonance, and the uneasy optimism baked into bubbles.
        Finally, we unpack Kyle Harrison’s “Build What’s Fundable” and its take on YC’s shifting tone, consensus capital, and the rising prevalence of ‘slop startups’—and what it means for early-stage builders trying to think independently in a world that rewards conformity.

        Consistent written updates from founders are the single biggest leading indicator of future success.… | Ben Zises

        “Hey, There's a Bubble.”

        “Build What’s Fundable”

        (0:15) Introduction and welcome
        (0:50) Consistent founder updates and their significance; Challenges with founder updates and investor engagement
        (5:52) The current AI funding bubble; The impact of tech bubbles on everyday people; Shorting the AI market
        (11:09) Evolution of YC's request for startups; The current archetype of a YC founder
        (17:05) Closing remarks and thank you to listeners
        18 min
      • Episode #56: VC is Hard, Unconcentrated Fund Math, Cluely Growth Updates
        We kick things off with a short but sharp post from Ben Choi reminding us that “VC is hard”—not just because of performance pressure, but because navigating fund dynamics and relationships is a game in itself. Then we dive into a provocative piece by Stefano Bernardi questioning the obsession with concentrated funds, and unpack why diversification often outperforms even the best instincts. Finally, we revisit the Cluely hype cycle, with CEO Roy Lee reflecting on the downside of viral traction and what happens when the market stops being impressed.

        • VC is Hard (Ben Choi, Next Legacy)

        • Should You Build a Concentrated Fund? (Stefano Bernardi, Unruly Capital)

        • Cluely's Roy Lee Hints That Viral Hype is Not Enough (TechCrunch)

          • (0:00) Introduction to fast growth and staying in venture capital
          (4:39) Concentrated funds vs. diversification in venture capital
          (12:11) Cluely's marketing and growth strategy
          (15:45) Rapid information sharing effects on startups
          18 min
        • Episode #55: Unsafe SAFEs, 15 Charts on the Future of VC, Big CPG Leveraging Gen AI, Sequoia Changes Guards
          This week on The Learning Corner, Mia and Charles break down four of the most thought-provoking reads shaping the tech and venture ecosystem right now:
          • Unsafe SAFEs in the Age of AI: Jason Lemkin calls out a troubling new trend where founders in hyped AI deals walk away with investor cash—without building a thing.
          • 15 Charts That Explain How Tech and Venture Are Changing in 2025: Ruben Dominguez drops a chart-heavy update covering everything from AI app churn to why so many junior VCs leave the industry.
          • Oreo-maker Mondelez is using GenAI to slash marketing costs: Mondelez teams up with Publicis and Accenture to roll out a $40M AI tool, cutting costs—and possibly creativity—in CPG advertising.
          • Sequoia Names New Co-Leads as Roelof Botha Steps Down: With Roelof Botha stepping down, Sequoia is signaling a new chapter

          Unsafe SAFEs in the Age of AI

          15 Charts That Explain How Tech and Venture Are Changing in 2025

          Oreo-maker Mondelez is using GenAI to slash marketing costs

          Sequoia Names New Co-Leads as Roelof Botha Steps Down

          (0:00) Governance tension and founder investments in early-stage companies
          (1:31) Convertible notes vs SAFEs in venture funding
          (4:24) Assessing financial management in startups
          (6:49) Tech and venture trends for 2025 by Ruben Dominguez
          (10:57) Venture capital career insights and progression challenges
          (14:48) Sponsor: Mondelez's investment in AI for advertising
          (17:39) AI's influence on consulting and change management
          (19:36) Sequoia's leadership changes and internal dynamics
          (21:13) Closing remarks and thank yous
          22 min
        • Episode #54: Teaching Students to Challenge AI, Is AI The New Shadow Bank?
          First up, we dive into “Beyond True or False: Teaching Students to Interrogate AI Unreliability”, a Substack by Nick Potkalitsky, which proposes a new framework—borrowed from literary theory—for teaching students to critically evaluate AI-generated content. We discuss how this lens can help people move beyond simple trust/distrust binaries and become better co-creators with AI.
          Then, we explore “Is AI the New Shadow Bank? (Yes…)”, a piece that draws parallels between today’s AI economy and the pre-2008 shadow banking system. Instead of mortgage-backed securities, today’s collateral is GPU access, compute contracts, and foundation models—and we ask: is the real innovation the credit system AI is built on?

          Beyond True or False: Teaching Students to Interrogate AI Unreliability

          Is AI the New Shadow Bank? (Yes…)

          (0:00) Introduction and welcome
          (0:30) Article summary: Teaching students about AI unreliability and critical thinking
          (4:50) Potential solutions for AI reliability and Charles Hudson's AI tool experience
          (9:19) Article summary: AI as a financial entity and related investment risks
          (15:13) Closing remarks and thank you to listeners
          16 min
        • Episode #53: The Magic of DTC, Power of Iteration Speed, Secondaries in Term Sheets
          We’re digging into three thought-provoking topics shaping the current startup and investing landscape:
          🧼 Coterie’s $650M Exit & the Return of DTC M&A – We break down Brian Sugar’s “One Brand is Luck, Two is Strategy,” and why pure-play DTC brands with strong economics and customer devotion are back on the radar for modern acquirers.
          ⚡️ Iteration Speed & the Path to Series A – Hadley Harris of Eniac Ventures shares why iteration speed is the best predictor of Series A readiness, and how founders can prioritize feedback loops and kill ideas quickly to increase their odds.
          💸 Secondaries in Term Sheets – A recent Axios note suggests Menlo Ventures is now pre-negotiating secondary sale conditions into early-stage term sheets. We unpack what this means, why it matters, and whether this becomes a new norm.

          One Brand Is Luck. Two Is Strategy.

          How to double your chances of raising a Series A | Hadley Harris on LinkedIn

          Axios Pro Rata – Menlo Ventures reportedly outlines secondaries in term sheets

          (0:13) Introduction and welcome
          (0:51) Article by Brian Sugar on brand acquisitions and thoughts on CPG brands
          (4:52) Investor expectations, retail strategies, and comparison to healthcare contracts
          (8:06) LinkedIn post by Hadley Harris on iteration speed and its importance
          (14:57) Menlo's stance on secondary shares and speculation on the future of secondary markets
          (20:22) Closing remarks and farewell
          21 min
        • Episode #52: Goldman Sachs Acquires Industry Ventures, Is AI Causing Brain Obesity?, Investing In A Friend's Company
          This week on The Learning Corner, Mia and Charles discuss Goldman Sachs’ acquisition of Industry Ventures and what it signals for the venture ecosystem, Maria Gonzalez Blanch’s take on “brain obesity” in the age of AI, and a recent post from Erica Wenger about friends investing in friends. We break down what it means for community, trust, and evolving norms in tech.

          Goldman Sachs agrees to acquire $7 billion VC firm Industry Ventures — CNBC

          The New Obesity Epidemic: Brain Obesity — Maria Gonzalez Blanch, Crescent Ridge

          Let Friends Invest in Their Companies — Erica Wenger, Park Rangers Capital

          (0:00) Introduction and Entrepreneur Capital Choices
          (0:37) Goldman Sachs and Industry Ventures Deal
          (2:12) Venture Secondaries and Fund Acquisitions
          (6:31) Brain Obesity and AI in Life and Work
          (10:32) AI Assistants and Synthesizing Thoughts
          (13:10) AI for Learning and Problem-Solving
          (16:17) Venture Ecosystem Insights and Pre-seed Funding
          (20:08) Changes and Dynamics in the Venture Industry
          (21:52) Media Flywheels and First-time Founder Priorities
          24 min
        • Episode #51: Three Venture Paths, When Great People Leave, Solo Founders
          In this week’s episode of The Learning Corner by Precursor, Mia and Charles explore three themes shaping today’s startup and VC landscape:
          The Three Lanes of Modern Venture – What type of fund are you really building? John Vrionis lays out three distinct approaches VCs are taking today.
          When Great People Leave – How do strong leaders navigate inevitable departures? Lessons from Taps Notes on leadership, transitions, and grace.
          The Solo Founder Debate – If solo founders can succeed, why don’t more VCs back them? Itamar Novick shares thoughts on survivorship bias and what makes solo builders special.
          Tune in for a thoughtful discussion on the shifting expectations of investors, how to support teams through change, and why the solo founder conversation is evolving fast.

          • Only Three Ways to Play Venture

          • When Great People Leave

          • VCs Not Supporting Solo Founders (Even Though They Should)

            • (0:13) Introduction and welcome
            (0:46) LinkedIn post by John Varonis on venture strategies
            (1:50) Analysis of venture strategies and current challenges for fund managers
            (4:39) Handling team departures with grace and keeping talent engaged
            (13:05) Itamar Novik's LinkedIn post on solo founders and their challenges
            (16:48) Impact of AI tools on solo founders and cofounder decisions
            (18:49) Closing remarks and thanks
            20 min

          About The Learning Corner by Precursor

          From the publisher's feed

          Welcome to the Learning Corner, a weekly Precursor Ventures podcast, where members of the Precursor team walk through their favorite articles and news snippets across the venture ecosystem.