Ventures

Explaining the "SpeedRunning The Intel Playbook" Op-ed

https://virajacharya.substack.com/

"SpeedRunning The Intel Playbook" Op-ed - https://virajacharya.substack.com/ On the show today:Assia Kasdi: Founder and CEO, Milvus AdvancedIsabel Fox: Head of Investor Relations, Hoxton VenturesSava Founders: Renato Circi and Rafaël Michali Andra Bagdonaite: General Partner, FIRSTPICKJean-Philippe Lorinquer: Partner, OSS VenturesSam Baker: Investor, Planet A Ventures

From the front lines of McDonald's to the helm of a leading European VC, Sara Rywe is redefining what it means to be a "founder-friendly" investor. In this long-awaited sit-down, she reveals how byFounders is engineering a generational firm by stripping away traditional downside protections and fostering a low-ego, high-autonomy culture.Sara is the General Partner at byFounders, the community-powered venture firm backing the next generation of Nordic and Baltic tech giants. A former McKinsey consultant with a legendary work ethic rooted in years of service at McDonald's, she is a force of nature in the European investment landscape.Timestamps:[00:00] - From McDonald's to General Partner: The foundation of a work ethic[03:17] - The most important contract and finding a home at @byFounders[05:03] - Redefining the term sheet: Removing downside protection and lick prefs[06:43] - How the investing landscape has evolved from 3x growth to exponential AI[09:23] - The shift to Physical AI: Investing in milestones for robotics and humanoids[12:46] - Future-proofing with LLMs: Optimizing costs and hot-swapping models[14:13] - Relentless intensity: The story behind the investment in @lovable[17:22] - Handling personal bias and missing @HarveyAI in the anti-portfolio[20:47] - Competitive spirit vs. being a "good loser" in venture capital[24:08] - Succession plans and building a fund for the next vintage[26:17] - Incentivizing collaboration: Zero bonuses for individual deals[29:57] - Why a low-ego, autonomous culture is the only thing that scales

Jonny Clifford rarely does interviews, but he’s breaking his silence to detail the strategy behind Entrepreneur First’s massive $200M Series D.

This is a masterclass in how EF is engineering a global shift in founder ambition and why the "Bay Area mindset" is the ultimate competitive advantage.

We dive deep into the mechanics of the new funding, the "rubber band" effect of relocating startups to San Francisco, and the future of talent investing

Jonny Clifford is a Partner at EF, where they have been instrumental in building a portfolio now worth a combined $16B+. A former primary school teacher turned talent investor, he works alongside founders Matthew Clifford and Alice Bentinck to identify and back the world's most ambitious individuals before they even have a company.

We discuss:

• Raising $200M: Why the process was far from trivial despite their $16B track record.

• Balance Sheet Investing: How EF’s business model differs from a traditional VC fund.

• The Ambition Gap: Why founders often "revert to the mean" of their environment.

• San Francisco Strategy: Using the US to expand the realm of what founders believe is possible.

• The Experience Cohort: EF’s new experiment specifically for second-time and exited founders.

• Boardroom Legends: Insights from working with Eric Schmidt, Charlie Songhurst, and the Stripe founders.

• Pulling Forward the "Founding Moment": Why the pre-idea stage is the hardest hurdle to clear.

• Career Pivots: Jonny’s journey from a London primary school to the heights of venture capital.

• The "Inevitability" Myth: Reflecting on the early days when EF was a non-profit graduate scheme.

Timestamps:

• 0:00 - Breaking down the $200M Series D announcement

• 1:53 - EF’s unique operating company model vs. traditional VC

• 4:12 - Why relocating companies to the US is a strategic necessity

• 6:08 - How the "Bay Area mindset" creates a positive culture flywheel

• 9:15 - Staying ambitious while surrounded by world-class backers

• 11:05 - Lessons from Charlie Songhurst and the Collison brothers

• 12:45 - Launching the "Experience Program" for alumni and veteran founders

• 14:13 - Aligning personal ambition with EF’s mission

• 16:21 - The early years: When EF was a non-profit graduate scheme

• 18:40 - Jonny’s pivot from teaching to the founding team of an EdTech startup and then EF

The Cost of Ambition Op-Ed explained

It's Thursday, 12th March and Today on VENTURES we have a star studded line up.On the show today:11:30 GRITCULT11:45 Luciano Belviso: Founder, Mirai Robotics12:00 Jonny Clifford: Partner, Entrepreneurs First12:30 Sara Rywe: Partner, byFounders13:00: Ivan Tregear, CTO, Co-Founder KAIKAKU13:15 Yariv Adan: General Partner, Ellipsis Venture13:30 Wilson Tukiainen: Investment Analyst, Maki.vc14:00 Ina Jovicic: Founder & CEO, eNOugh

It's Tuesday, 10th March & today on VENTURES we have a world-class line-up:On the show today:11:30 Ties Boukema: Head of Data, Tech & AI, Dawn Capital12:00 Benjamin Torrero: Investor, Boost Capital Partners12:30 Antonia Eneh: Co-Founder, Elva13:00 Hussein Kanji: Founder and Partner, Hoxton Ventures13:30 Martin Prince-Parrott FRSA RIBA: Founder, ROMULLUS13:45 Thomas Clarke: Director - AI Safety and Security Lead, Faculty14:00 Alexander Fitzgerald: Founder and CEO at Isembard

ARE YOU READY: Today on VENTURES 🚀 9 Guests, 4.5 hours, 1 don't miss streamThe docket is locked and loaded 4.5 hours of streaming, bringing you the latest on what is happening in the landscape of Technology & Business. RUN IT ☄️ Where else are you going to find this 🤷‍♂️Eloïse Wainwright - US Immigration Paralegal, Bay Immigration LawHannah Meiton - Co-Founder & Partner, Ampli VenturesAshkan Dabbagh - Co-Founder & CEO, Zero One CreativeMimi Billing - Europe Editor and Nordic correspondent, Sifted Daniel Bobruk - Founder & CTO, ReBloom Henry Hayes - Head of Marketing, PassionfruitHarriet Walker - Head of Talent, SuperSeedMichele Mattei - Fintech expert | Investor | Advisor Kayode Bola - Partnerships Director, HYPEBEASTJump in the chatFeed us your thoughts & questions before & during - It's LIVE.Send in pics of where you're watching VENTURES 🚀Follow us on YouTube & LinkedIn to watchDM - if you want to appear on the show, sponsor or partner

Today on VENTURES 🚀 The docket is locked, it's loaded & is the Longest yet. 5.5 hours of livestreaming, bringing you the latest on what is happening in the landscape of Technology & Business. THE BLOK IS ALIGHT ☄️ Where else are you going to find this 🤷‍♂️12:00: Megan Possamai - Growth Strategist EMEA, Canva12:30: Daniel Bulteel - Chief Ting, Meet-Ting13:00: Samuel Cope - Founder, August13:30: Luke Ramsden - Co-Founder & CPTO, Architect14:00: Andreas Klinger - Founder, Prototype 🦾 + Co-Initiator, EU–INC14:30: Sasha Cayward - MSc. - Head of Community, hubble15:00: Anna Torrents Saldo - Co-Founder & CEO, Metly15:30: Alexandra Didio - Founder, Akind Growth Studio16:00: Freskida Goni - Health Comms & PR, Earlybird Venture Capital 16:30: Emily Hughes - Founder, Reco HQJump in the chatFeed us your thoughts & questions before & during - It's LIVE.Send in pics of where you're watching VENTURES 🚀Follow us on YouTube & LinkedIn to watchDM - if you want to appear on the show, sponsor or partner

Benjamin Wolba, Co-Founder of European Defence Tech Hub, transitioned from theoretical physics PhD to venture capital at Lunar Ventures before founding Europe's first defence hackathon movement after witnessing Silicon Valley's defence innovation ecosystem. Following Ukraine's demonstration that modern warfare relies on fiber optic drones and small asymmetric systems rather than expensive monolithic platforms, he organizes hackathons bringing together talent, government officials, and startups to address Europe's defence innovation gap. Benjamin identifies talent scarcity as the primary bottleneck, noting successful acquisitions like Plano's purchase by Starhawk demonstrate both opportunity and the critical need for skilled teams, while advocating for reduced bureaucracy and faster procurement processes to keep European companies competitive against US contracts.