Wilson Lin

Want a front-row seat to the frontier of tech? We’ve got the role (or two) for you! We’re expanding our frontier-tech team at Blackbird by hiring a Frontier Tech Investments Associate and Foundry Fellows! Got questions? We've got answers... 1️⃣ What are the roles? 🧪 Associate = a full-time VC investment gig in our Blackbird Investments team, working directly with me. We’re looking for someone with a science and/or engineering background and more curiosity than they can handle. You’ll grow your own investment brand and practice, support our portfolio founders, and will help build Foundry, our early-stage frontier-tech accelerator. ✨ Foundry Fellow = a casual/contract gig in our Blackbird Investments team, ~15h per week for 3 months. The Fellowship is ideal for PhD students and ECRs who want to learn more about startups and VC. You’ll go deep on emerging areas relevant to your expertise (or curiosity!), get a front-row seat to groundbreaking companies in those areas, build out your non-academic network, and develop a solid writing practice. 2️⃣ Why are you hiring? We love frontier tech, and we’re ready to grow our team. 3️⃣ Wow, it’s so great that you’re starting to look at deep tech! Look, we get it: we don’t make a lot of noise about our frontier tech investing. Buuuut we’ve been deep-tech investors since we backed Tim Kentley-Klay to found Zoox back in 2014—we’ve been on incredible journeys with PsiQuantum (building the world's first utility-scale quantum computer right here in Australia!), Inventia Life Science (transforming drug discovery with high-fidelity cell models), Remedy Robotics (surgical robots for remote endovascular procedures), Opto Biosystems (minimally-invasive neural implants to treat cancer), and more. We believe that frontier technologies, and great frontier-tech investing, will be part of the solutions to the greatest problems humanity faces today. 4️⃣ When do applications close? May 31st at 11:59pm AEST. 5️⃣ I have more questions! I’m sure you do! Clare Birch and I are hosting an AMA to answer any and all questions about these roles. Want to know what a week in the life of our team looks like? What’s keeping us up at night? What our ideal candidate looks like? Come along and find out - registration link in the comments 👇 Apply for these roles: Associate - https://lnkd.in/gCfj4EUJ Foundry Fellowships - https://lnkd.in/gj6ATZVZ If you know anyone that we should meet, send me their details! Cameron Elise Ben Andrew Robin Joseph Adelaide James Olivia Lucinda Raghav Jesse Christie Mohamed Tom Amee Pablo Haya Loong Hon Joshua Benjamin Megan Harry Denzil Matthew Diana Daniel Tom Deanna Justin Amar Lilly Stone Thomas

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Check out my recent post on why President Trump is the forcing function for us to solve the “Missing Middle” and catch the industrial Tsunami of onshoring coming to the US!

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Insightful breakdown from my great Partner Omri Amirav-Drory on the simple factors that really separate the top 1% of investors from the rest, and how more operators should become investors! https://lnkd.in/gEiZdT2h

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A new era of deep tech has emerged. First time funds will raise “unheard of” amounts of capital to fuel next gen deep tech startups - producing outsized, superior returns for LP’s compared to the rest. Prudent investors will act on this data and shift investment strategy as LP’s or risk being left behind savvy wealth managers and CIO’s / FO’s who saw this trend begin 4 years ago.

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Thirteen percent of venture GPs don’t plan to raise another fund as the LP pullback spoils fundraising efforts, according to PitchBook’s semiannual VC Tech Survey. That’s double the rate in H1 2023, when 6% said they had no plans to raise another fund. Nearly half of venture firms—44% of those surveyed in mid-2023—had previously pushed back their plans to re-enter the fundraising process, as institutional investors became increasingly concerned with overexposure to the asset class. Overall, venture GPs are more optimistic about fundraising and the IPO market than they were a year ago, according to our H1 2024 Tech Survey analyst note. GPs are mostly expecting asset valuations to get more attractive over the next month—which is supporting market activity, though still at subdued levels. While AI remains a top area of focus, investors have expressed concern of overinvestment. Interest rates remain a key determiner of market activity, as well as the need for founders to temper their valuation expectations. While several managers have pushed out fundraising plans or ruled out opening another fund, the majority cited no changes to current fundraising plans.  #fundraising #investments #Capitalraising #privatequity #emergingmanagers #venturecapitalists #familyoffices #USA #Fundmangers #emergingmangers #earlysatge #hedgefunds #AI #Fintech #Biotech #SoloGps #VCs #GPs #LPs #LimitedPartners #Funds #Investing #Networking #Generalpartners #emergingGPs #Principal #Venturepartner #Anylist #Associate

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Seed VCs are turning to new ‘pro rata’ funds that help them compete with the big firms Alpha Partners, SignalRank and now SaaS Ventures help seed VCs pay for shares when big VCs try to price — or push — them out Lee Edwards, partner at Root VC, has a saying at his firm that “pro rata rights are earned, not given.” That may be a bit of a stretch since pro rata refers to a term that VCs put in their term sheets that gives them the right to buy more shares in a portfolio company during consequent funding rounds to maintain an ownership percentage and avoid dilution. Still, while these rights are not exactly “earned,” they can be expensive. One of the latest trends in VC investing these days are funds dedicated to helping seed VCs exercise their pro rata rights. https://lnkd.in/dRM3RvdA By Christine Hall

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You may have already seen the news that CRV has decided to return some of the money to its Limited Partners (LPs) because they don't see enough good deals to allocate this capital. https://lnkd.in/dUdSBvtV I’d like to explain how venture capital funds work. If you read that a VC fund has raised $500 million, it usually doesn’t mean they have that money immediately in their bank account. Instead, it means that they’ve signed an agreement with LPs, who will transfer the funds gradually as the VC invests in startups. This is a binding obligation for LPs, but there are some nuances. 1. LPs typically allocate only around 1-5% of their assets to venture capital. The rest is invested in other types of assets (public stocks, bonds, real estate, etc.). So, VCs are a relatively small part of an LP's overall portfolio. Even if a fund generates a 10x return (which is quite rare), it won't significantly impact the LPs' financial position. 2. The money that LPs are committed to investing is often tied up in other types of assets. To invest in startups, they would need to sell those assets. If, for example, the public markets drop by 40%, it would be difficult for LPs to sell at a loss just so VCs can invest in startups that have only dropped by 10%. During the lockdown, this led to many emotional discussions between LPs and VCs. To maintain good relationships, VCs often slowed down their investment pace. 3. VCs build relationships with their LPs over many years. They understand that if a crisis hits, the market may drop for 1-2 years, but it will eventually recover. It’s not worth damaging these relationships due to a temporary market downturn. It's better to renegotiate now so that after the crisis, they can raise funds from these same LPs for their next venture. Therefore, if there aren't enough good startups on the market, it’s easier for VCs to return the excess money, especially since this can be done by signing an amendment without transferring funds or incurring additional transaction costs. I’m telling you this so that next time you hear phrases like "VCs sitting on piles of cash" or "VCs have raised historically high dry powder and must invest all this money," you can take them with a grain of salt. Just because we haven’t seen something in our lifetime doesn’t mean it hasn’t happened before. The venture capital market took a significant downturn almost 25 years ago. Back then, I didn’t even know the word "startup" and was focused on finishing school and getting into university :)

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✨ Breaking: BFM Fund Announces New Fund.- BFM Fund A seed-stage fund focusing on founders who are Black, Indigenous, and people of color, promoting diversity in venture capital. https://www.bfm.fund Please share to let other #Founders know For the ❤️ of Startups #Fusion42 #Startups#Venturecapital

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Excellent blog post on the realities of Climate & VC. While these are "tough times for the transition," there are also many opportunities. Significant capital will continue to flow, with Corporate VCs playing a larger role in financing this transition. Through this process, they will strengthen their LP positions in funds tackling climate challenges. I receive weekly calls from large Holding & Corporate VCs seeking introductions to Climate / Energy / Infra VC Funds. When I ask about their target sub-verticals within Climate / Energy, they often mention that they default to focusing on specific regions due to limited resources and coverage. In other words, rather than evaluating whether a DACH VC is better positioned for solar or grid-tech compared to a Nordic or US VC, they simply pursue whichever regions they can access—a haphazard approach at best. I always advise LPs to evaluate VCs within their operating market context. Since sourcing is crucial in venture capital, Holding Cos. and Family Offices should carefully assess a VC's location, regulatory context, and market environment before investing and building a portfolio of Funds. I've heard "I wish I had discovered this VC / region sooner" far too many times... * At ComposeVC's Built World Fund, we do not invest in Climatetech or Energytech directly, only as it relates to our Built World thesis.

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Everyone loves the 'picks and shovels' thesis—but the real untapped goldmine? Vertical agents and applications. 💡 As the underlying foundation models continue to advance, there won't be much space to build unicorn businesses that sit between the models on one hand and agentic applications on the other. (Don’t be surprised if GPT-5 is natively agentic in its architecture and capabilities.) The real opportunity lies in massive end markets ripe for "agentization": industries centered on structured, repeatable activities. Industries • Data Management • Customer Support • E-commerce Operations • Finance and Accounting • Marketing • Human Resources • Healthcare Administration • Supply Chain and Logistics • IT and Software Support • Legal and Compliance Digital Jobs • Virtual Assistants • Content Moderation • Market Research • Quality Assurance • Online Tutoring • Social Media Management • Transcription Services • Digital Advertising • Graphic Design • Software Development Support At Mucker Capital, we've built over a hundred companies in vertical SaaS. We see vertical agents as it's next generation.

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Excited to announce our investment in Alta Resource Technologies alongside Leonardo Banchik (Voyager Ventures) with participation from Orion Resource Partners, Overture Ventures, and WovenEarth Ventures. Rare earths are critical in products from magnets to ceramics and it's important for the US to develop its own supply chain. While the US has some of the best rare earth resources, separating them has historically proven expensive and environmentally unfriendly. Alta through it's computationally designed and optimized proteins allows the US to bring back rare earth production with a cleaner, lower capex, and lower opex solution - and that's just the beginning. Congrats to Nathan Ratledge and the entire Alta team. Read more here: https://lnkd.in/gbGnAJn3

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We took the pulse of emerging fund managers about what it's been like for them during these post-ZERP, venture-capital-winter years. #venturecapital #veteranventures

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Michael Seibel, Y Combinator's first Black partner (2013) and first Black president (2016), is number #5 on MyCofoundr.AI's Black Vanguard List (https://lnkd.in/ekAbZ7cG). 🎉 Michael is a trailblazing founder, investor, and board member, who has redefined what excellence and leadership looks like in tech and venture capital. From co-founding Justin.tv (which became Twitch and was acquired by Amazon for $970 million), to leading Socialcam (acquired by Autodesk for $60 million just 15 months after its launch), Michael’s entrepreneurial track record is impeccable. Now serving as Group Partner and Managing Director, Early Stage at YC, Michael has been pivotal in shaping YC’s global reputation and empowering founders from under-networked communities. Since its inception, YC has backed over 5,000 startups with a combined valuation of more than $600 billion, and Michael has personally guided hundreds of these companies to success. He also serves on the boards of companies like Reddit, Inc. and Dropbox, driving innovation and championing diversity at the highest levels. For anyone seeking inspiration and actionable insights, check out this must-watch video where Michael shares “What I’ve Learned After 10 Years at YC”: https://lnkd.in/eCJjeSmZ. For founders, Michael’s decade of insights at YC is invaluable: ➡️ Solve real problems: Focus on underserved markets you understand deeply, turning challenges into opportunities. ➡️ Show traction: Metrics like retention and revenue can open funding doors and overcome systemic biases. ➡️ Tell a clear, compelling story: Clarity and vision in your pitch are essential for standing out. ➡️ Bootstrap early: Prove your concept and resilience before seeking external capital. YC itself actively invests in diverse founders: -- AUM: Over $80 billion -- Average Check Size: $500,000 for a 7% equity stake -- Diversity Investments (as of 2023): 15% female-founded startups (~644), 10% Hispanic/Latino-founded (~424), and 6% Black-founded (~246). -- Focus Areas: Pre-seed and seed-stage startups in software, biotech, education, consumer products, and more -- Success Stories: Airbnb, Dropbox, Stripe, Reddit, Inc., Instacart, DoorDash, Coinbase, Brex, PagerDuty, etc. Michael’s leadership has significantly influenced YC’s commitment to inclusivity, proving that innovation and inclusion go hand in hand. Thank you, Michael, for your exceptional contributions to the entrepreneurial ecosystem and for paving the way for a new generation of founders and investors to thrive. #BlackExcellence #Entrepreneurship #Innovation #YCombinator #Startups

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Not all of the investments that Kindred Capital VC makes can be a 13 year sourcing process.... but... this is one of those very fortunate moments in which a relationship that started over a decade ago in the Bay Area where the brilliant A-H. Hleileh and I overlapped has now turned into an incredibly exciting opportunity for Kindred to lead his and Ron Holifield's first institutional round at Civic Marketplace. We believe: 1. Local government procurement is one of the most underserved areas in technology today, and has failed to keep pace with the private sector. They deserve better. 2. This is a huge opportunity, with US local governments spending alone amounting to over $1.5 trillion in annual spend, which is only going in one direction... 3. As the brilliant Kip Harkness shared with me in our diligence phase, "this industry moves at the speed of trust." And this is a unique founding team with A-H. Hleileh and Ron Holifield at the helm who bring together two critical ingredients: 1) decades of trust-building within this domain, and 2) a team who can build beautiful and scalable technology platforms. Onwards!! 🚀

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👀 Looking at our recent investments at Draper Associates, here’s what standout founders nailed, making our decision to invest much easier (and faster): 💥 Visionary Tech with a Bold Vision – These founders are not here for incremental wins; they’re reimagining what’s possible in across tech - biotech, robotics, aerospace, and beyond. Their vision is big and audacious, tackling complex problems that demand breakthrough solutions, others have not been willing to try. 👊 Clear Passion & Purpose – The drive in these founders is undeniable. They’re committed to their mission with a depth of purpose that shapes every choice. One founder, for example, took two years completely off to learn and meet everyone in longevity biotech. This level of grit and dedication is rare but essential for the most impactful founders. 🌟 Assembling All-Star Teams – They bring together top-tier talent from diverse disciplines: experienced business leaders with successful exits or industry experience at top companies, technical co-founders with deep expertise, often PhDs or industry pioneers, and even published authors. It’s a complementary team, unified by a shared vision. They make the: "Why this team?" obvious - at a glance. 💻 Data-Driven to the Core – These founders present data insights that show why their approach is unique, especially against a competitive field of companies. This data is delivered with clarity and they make the complex simple. Many are published in top journals, adding depth and credibility to their approach, and reinforcing that they know their tech inside out. ⚡️ Memorable, Clear Vision – They don’t just pitch; they make the future feel tangible, with a vision that’s both compelling and concise. If I can relay their pitch in under 30 seconds to my team, they’ve killed it. 📣 Transparent & Proactive Communication – The best founders don’t wait for questions. They come prepared, often with a comprehensive FAQ doc, give timely updates to our questions, and are candid about challenges. This level of openness builds trust and strengthens our partnership. 💸 Milestone-Driven Funding Strategy – Each funding stage aligns clearly with already achieved or upcoming achievable milestones. They’ve mapped out a roadmap that minimizes risk at every step, giving us confidence in their journey. 💰 Revenue Milestones Along the Way – Even if it'll take a decade to hit revenue on their big vision, these founders find revenue generation stops along the way to profitability. They share a trajectory that connects early wins to revenue, showing how every step is a building block toward their bigger vision. Overall, the best founders are incredibly thoughtful, prepared, and fantastic verbal / written communicators. #founders #startups #fundraising #VC

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A SAFE and convertible note had a baby and Wilson Sonsini Goodrich & Rosati was the midwife- out popped the D-SAFE! 👶🏽🎉 A new #climatetech funding instrument was announced by Elemental Excelerator last week. One of the company’s main goals is to support smaller, up and coming companies during the awkward “Scale Gap” phase between #VC funding and natural growth. It’s called the #DSAFE (Development Simple Agreement for Future Equity) and it aims to aid the process by giving companies a small amount of cash to overcome initial risks and expenses during the developmental stages of a product launch or company. How does it work? D-SAFE has a redemption clause meaning companies can choose to have their payments offered as a loan or convert to equity at the investor’s discretion. Funders and companies will have clear communication and expectations about where the money is going and how it will be applied to either the company or the projects at hand. Financiers and companies will work together with more #transparency, and that’s a great boon for #startups and VC alike. As of this month, Elemental has already invested using D-SAFE in eight different companies, including Dimensional Energy and Origen — both companies investing in innovative and out-of-the-box solutions to environmental issues! Seems like a win-win on the surface. What do you all think about the D-SAFE? Alfredo Coppola Momoka Ueda Tim Wagner Stephen D. Torres Olya Irzak Natsuho Toyama Noriya Tarutani Shin Ogawa

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We recently led a $9.5M seed round in Zeno, our very first energy transition company in Africa. Michael Spencer and the team are now officially out of stealth sprinting towards their first products - a swappable battery compatible with an electric motorbike of their own design. Their opening market is Kenya, where 3M+ boda boda taxi drivers are eager to find ways to shave costs down. With Zeno's battery subscription model, they'll make 50% in savings compared to owning a petrol counterpart! Going electric will soon become the obvious choice. Kenya is just the start. Over the next quarter century, Africa will be home to the largest share of young people in the world, and is set to double its population to 2.5 billion. Talk about a growth market. Zeno has a particularly special place in our hearts because Harsh Dubey, who hustled his way into Lowercarbon Capital right out of college and became an institution around here, built up so much conviction in this company that he's moved abroad to work on this rocketship full-time. That should tell you something. Congrats again to the team, read more here for the deep dive. #tech #climatetech #energy #mobility #battery #electric #africa #emergingmarkets

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Prime Coalition has long taken a different tack to climate finance compared to its for-profit brethren. It makes the usual venture-style investments in startups through Azolla Ventures and also helps philanthropists direct their money to climate-related projects that it deems high impact. Trellis Climate follows the latter model with a focus on middle stages, where capital has grown scarce. #climatetech #climateVC #climatefinance

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We (Climate VC) need to stop making excuses for the growth trajectories of our companies There’s a reason why Matthew Stotts and I chose the venture capital asset class to focus on - it has to GROW fast. And there are a lot of fast-growing, money-making opportunity areas with huge problems that could benefit from highly motivated well-funded and skilled teams looking to build a large company. If you need to make an excuse or caveat for any of the statements in the previous paragraph, you’re in the wrong asset class The good thing about VC is it grows fast and BIG. The clock is ticking on our biggest problem areas - let’s get to work!

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