Upside

In this conversation, Dan, Mads, and Andrew discuss what's happened this week in the European startup ecosystem. The real value of events for investors and founders, highlights from the All In Conference, DeepMind's new AI system for protein design, productivity challenges in the EU, the future of innovation in Europe, and the impact of AI on SaaS. 

* Events can be valuable if approached strategically.
* AI is making significant strides in medical research and drug discovery.
* Fixing EU challenges with productivity and innovation.
* Does politics matter at these conferences? Should we care?
* DeepMind's AI system could revolutionise protein design.
* Klarna ditches SaaS for Ai.  
* The EU's real productivity dilemma

Chapters
00:00 The Value of Events for Investors and Founders
04:40 Insights from the All In Conference
10:18 The Intersection of Politics and Inspiration
13:38 DeepMind's Breakthrough in Protein Research
19:08 Mario Draghi's Vision for European Competitiveness
26:12 The Future of SaaS in the Age of AI

Keywords
events, investment, AI, productivity, Europe, DeepMind, innovation, Klarna, healthcare, technology, investing, VC

In this conversation, Dan and Mads discuss various topics including the SuperSaaS event, the Council of Europe's convention on AI, the central bank digital currency, founder mode, and immigration and the future of AI. They highlight key takeaways such as the importance of relationships in dealing with big corporates, the progress made in living standards over the years, the implications of the AI regulation treaty, the characteristics of successful CEOs in founder mode, and the impact of immigration on economic growth and productivity.

Takeaways

• Building relationships is crucial when dealing with big corporates.
• There has been significant progress in living standards over the years.
• The AI regulation treaty has implications for human rights and democratic values.
• Successful CEOs in founder mode focus on the most important tasks, embrace bad news, and are mission-driven.
• Immigration plays a vital role in economic growth and productivity.
• Productivity-enhancing technology investment will be crucial in the coming decade.

Sound Bites

• "Dealing with big enterprise is always the machine, but actually these guys and girls really value relationships and building relationships."
• "We made incredible progress in living standards, especially since the 50s."
• "The US, EU, and UK have signed the Council of Europe's Convention on AI."

Chapters

00:00 SuperSaaS and Building Relationships with Big Corporates

04:08 The Progress in Living Standards

08:20 Implications of the AI Regulation Treaty

22:21 Characteristics of Successful CEOs in Founder Mode

30:51 The Role of Immigration in Economic Growth

33:18 The Importance of Productivity-Enhancing Technology

Keywords

SuperSaaS, Council of Europe, AI regulation, central bank digital currency, founder mode, immigration, future of AI, relationships, living standards, progress, CEO characteristics, economic growth, productivity

Dan and Mads discuss various topics including the arrest of Pavel Durov, the founder of Telegram, the debate between big and small venture capital firms, the potential impact of the autumn budget on startups, advancements in cancer treatment, the regulation of AI in Europe, Germany's energy transition, and the concept of agentic workflows in business.

keywords
Pavel Durov, Telegram, arrest, children's security, venture capital, big firms, small firms, autumn budget, startups, SEIS, EIS, cancer treatment, AI, agentic workflows, EU regulation, Germany, energy transition

takeaways

• The arrest of Pavel Durov, the founder of Telegram, raises questions about the responsibility of technology platforms in ensuring security and preventing illegal activities.
• There is a debate between big and small venture capital firms, with some arguing for more $100 million funds to support a wider range of startups, while others advocate for mega funds to tackle big challenges that require significant capital.
• The impact of the autumn budget on startups, particularly in relation to SEIS and EIS, is a concern, and there is speculation about potential changes to wealth tax and capital gains tax.
• Advancements in AI and mRNA technology are driving progress in cancer treatment, with the potential for personalized medicines and significant improvements in survival rates.
• The regulation of AI in Europe, particularly in relation to agentic workflows, raises questions about the balance between regulation and innovation, and the need for businesses to adapt to changing regulatory environments.
• Germany's energy transition is a mix of progress in renewables and challenges in phasing out nuclear energy, raising concerns about the country's seriousness in addressing climate change.
• Agentic workflows, where AI agents within organizations interact and automate functions, are expected to play a significant role in enterprise operations by 2025, enabling more efficient and intelligent workflows.

titles

• The Rise of Agentic Workflows in Business
• The Potential Impact of the Autumn Budget on Startups

Sound Bites

• "Does technology or these kinds of platforms, where does the responsibility start and stop?"
• "The reason that that's the charge has been put forth is it's just so abhorrent that we can't possibly condone such saw there was speculation that he had been invited"

Chapters

00:00 Introduction and Technical Difficulties

00:11 The Arrest of Pavel Durov and the Responsibility of Technology Platforms

05:01 The Debate Between Bigger and Smaller VC Firms

09:04 The UK Budget and Its Impact on Startups

15:31 The Development of Cancer Vaccines and Personalized Medicine

19:34 The Regulation of AI in Europe and the Potential for Innovation

22:30 Germany's Economy: Stagnation and Renewable Energy

26:15 Agentic Workflows: Revolutionising Business Processes

Summary
In this conversation, Mads, Dan and Alex discuss various topics including sports team ownership, freedom of movement, startup work culture, AI regulation, and the state of venture capital. They touch on the investment in Venezia FC, the rejection of the freedom of movement proposal by the UK government, the potential risks and benefits of AI, and the recent increase in startup shutdowns. They also explore the impact of politics on the tech industry and the cyclical nature of venture capital.

Keywords
sports team ownership, freedom of movement, startup work culture, AI regulation, venture capital

Takeaways

• Investing in sports teams can be an exciting opportunity if the business plan and team involved make sense.
• The rejection of the freedom of movement proposal by the UK government is seen as a short-term outlook that may limit talent and investment opportunities.
• AI is viewed as both a potential risk and a transformative technology, with companies increasingly recognizing its impact on their business.
• The debate around AI regulation centers on the balance between innovation and potential risks, with some advocating for awareness-level regulation.
• The increase in startup shutdowns should be viewed in the context of a higher number of companies being started, indicating a healthy level of entrepreneurial activity.
• Venture capital returns have been affected by the cyclical nature of the industry, but patient investors who understand the long-term nature of the business can still succeed.

Sound Bites

• "An investment opportunity sent by Drake's manager"
• "Freedom of movement for young people is a sensible thing"
• "US companies seeing AI as a potential risk"

Chapters

00:00 Introduction and Investing Climate 

03:04 Startup Work Culture

06:21 The Potential Risks and Benefits of Artificial Intelligence

16:13 Does Politics Interfere Too Much with Tech?

26:46 The State of the Venture Capital Industry

28:44 The Increase in Startup Shutdowns and the Cyclical Nature of Venture Capital

Summary
In this conversation, Dan, Mads, and Andreas discuss various topics including the current state of the US economy, raising capital internationally, the role of European VCs in tech policy and politics, and the decision for founders to bootstrap or seek venture capital. They highlight the importance of understanding the global economy and its impact on venture capital, the need for more fund of funds and platforms to make venture accessible, and the potential for VCs to be more involved in policy and regulation. They also emphasise that the decision to go VC or bootstrap depends on the level of ambition and the goal of building a lifestyle business or a global category leader.

Keywords
US economy, raising capital, international, European VCs, tech policy, politics, founders, bootstrap, venture capital

Takeaways

• The US economy and its consumer spending have a significant impact on the global economy, making it important for venture capitalists to pay attention to market trends.
• Raising capital internationally can be challenging, with different regions having different preferences and gravitations towards certain investment opportunities.
• There is a need for more fund of funds and platforms to make venture capital more accessible to non-sophisticated LPs and provide diversification.
• European VCs should be more involved in tech policy and politics, as they are at the forefront of shaping the future and can contribute valuable insights.
• The decision for founders to bootstrap or seek venture capital depends on their level of ambition and the goal of building a lifestyle business or a global category leader.

Titles

• The Role of European VCs in Tech Policy and Politics
• The Decision for Founders: Bootstrap or Seek Venture Capital

Sound Bites

• "US consumers will spend less, it'll impact everybody."
• "Markets may not affect us that much in venture, but a US recession would affect the global economy at large."
• "Middle East more difficult to penetrate, Asia has a lot of new money, Europe offers better valuations and investment opportunities."

Chapters

00:00 Introduction and Setting the Stage

01:27 Navigating Market Volatility and Economic Indicators

06:19 Considerations for Raising Capital Internationally

19:39 VC Involvement in Tech Policy and Politics

28:20 Choosing Between Bootstrapping and Venture Capital

Summary
Leo Ringer, co-founder and partner at Form Ventures, discusses the misconception that Europe is a backwater for innovation and startups. He argues that Europe has made significant progress in producing great companies and that the narrative needs to shift to focus on the advantages and strengths of the European ecosystem. Leo suggests creating a streamlined, pan-European legal entity for startups and emphasizes the importance of the tech and investment community coming up with ideas to address regulatory challenges. The conversation also touches on topics such as cryptocurrency, universal basic income, and US consumer fatigue.

Keywords
Europe, innovation, startups, regulation, narrative, pan-European legal entity, cryptocurrency, universal basic income, US consumer fatigue

Takeaways

• Europe has made significant progress in producing great companies and the narrative needs to shift to focus on the advantages and strengths of the European ecosystem.
• Creating a streamlined, pan-European legal entity for startups could help address regulatory challenges and promote cross-border collaboration.
• The tech and investment community should actively contribute ideas to policymakers to shape regulations and overcome regulatory obstacles.
• Cryptocurrency and its regulation continue to be a polarizing topic, with different perspectives on its future and impact.
• The rise of artificial intelligence and automation raises questions about the future of work and the need for alternative sources of government revenue, such as sovereign wealth funds.
• US consumer fatigue and concerns about the US economy's slowdown have global implications and can impact market sentiment and economic outlook.

Titles

• Cryptocurrency: A Polarizing Topic with Uncertain Future
• Global Implications: US Consumer Fatigue and Economic Outlook

Sound Bites

• "We've had 10 years of deciding and telling ourselves that Europe is this sort of backwater. We're not Silicon Valley. All we do is regulate."
• "We need to lean into that and flip the narrative to say, where does that give us an advantage? Where does it give us an edge?"
• "A much more streamlined, pan-European kind of legal entity... that investors understand, that founders understand, that capital markets understand and can treat similarly across Europe."

Chapters

00:00 Europe's Innovation Potential

03:45 Addressing Regulatory Challenges

09:43 The Future of Cryptocurrency

13:21 Universal Basic Income

14:47 Funding Public Services in the AI Era

16:53 US Consumer Fatigue and its Global Impact

Summary

In this episode of The Seed, Dan, Mads, and Maja discuss various topics related to European venture and the startup ecosystem. They cover SPACs, investing vs gambling, the UK and US public markets, go-to-market strategies for AI-first products, and Revolut's UK banking license. The conversation touches on the challenges and opportunities faced by European founders, the importance of creating global champions, and the need for a more unified European ecosystem.

Keywords

European venture, startup ecosystem, SPACs, investing, gambling, UK public markets, US public markets, go-to-market strategies, AI-first products, Revolut, UK banking license, European founders, global champions, unified ecosystem

Takeaways

SPACs are making a comeback as a way for struggling companies with high valuations to go public.
Investing is different from gambling because it involves having an edge and expecting to make a profit over multiple investments.
The UK public markets are showing positive signs, with more institutional capital flowing back into UK equities.
European founders often face challenges in accessing capital and building their businesses, leading them to seek opportunities outside their home countries.
Go-to-market strategies for AI-first products require a focus on value proposition, defining use cases, and developing marketing and sales channels.
Revolut's UK banking license is a significant step towards creating a global champion in the fintech space.
The European ecosystem would benefit from more unity and collaboration to support the growth of startups and create more successful companies.

Chapters

00:00 The Return of SPACs
03:03 Investing vs. Gambling
08:16 The Rebound of the UK Equities Market
12:16 Navigating Fragmented Capital Access
15:30 Go-to-Market Strategies for AI-First Products
18:10 Revolut's UK Banking License

In this episode, Dan, Mads, and guest Guillermo discuss various topics including the AI bubble, the impact of AI on the sales function, the best route for tech founders, the startup ecosystem in Spain, and the potential effects of a Trump administration on European venture. They also touch on the need for an AI bill in the UK, the challenges of fundraising and going global for startups, and the importance of space exploration.

Chapters

00:00 Introduction
03:40 Transforming the Sales Function with AI
07:42 The Best Route for Tech Founders in Funding
12:53 Challenges and Opportunities in Different Markets
15:14 The Impact of a Trump Administration on European Venture
19:42 The Regulatory Landscape for AI in Spain and the UK
23:57 The Benefits of Space Exploration

Takeaways

There is a debate about whether AI is in a bubble, with some arguing that the amount of capital going into AI may not result in enough future revenue to counteract the expenses.
AI has the potential to transform the sales function by enabling sales reps to do more and automate certain tasks, but there are concerns about the impact of AI on job roles and the genericisation of content.
Raising venture capital is not suitable for every tech founder, and bootstrapping may be a better option for some. It depends on the founder's goals, the potential for global growth, and the need for rapid scaling.
The startup ecosystem in Spain is smaller compared to countries like the UK and Germany, which can limit growth opportunities for local startups. Going global and targeting international markets early on can increase the chances of success.
The UK government is considering an AI bill, but there are concerns about the potential impact on AI research and development. The UK's permissive regime has been beneficial for innovation, and it remains to be seen how regulations will evolve post-Brexit.
Space exploration, such as returning to the moon, can lead to scientific advancements and technological innovations that benefit society as a whole.

Every week we all discuss what's been bothering us in startup land. Howard Kingston joins Mads and I this week, and we dig into:

• Govt endorsement - death knell or life force?
• New stock exchange rules - will they make any difference?
• Why don't we want to see European founders rich?
• Founder financial wellbeing - is it the VCs responsibility?
• AI - how will it make or break my startup?
• Comms, marketing and branding hacks

And more...

My partner Mads and I share the same vision and values but see the world completely differently. We fight, we love, we share, we build, we do, we ponder, we tussle... rinse repeat. Often having difficult conversations behind the scenes that we've decided to have in public. 

This week we're talking about:

• The new govt. and what it means for our industry.
• Can we rebuild our relationship with the EU, should we.
• Is NVIDIA worth $3trn - would you buy now.
• Can AI impact education and how.
• AI in VC - yes no good bad how when.
• What is our responsibility as VCs to the future for our children. 
• What makes a great founder.