{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"Very True by Verissimo ","title":"When Pattern Recognition is a Liability - How VC is updating its priors for AI and which ones still hold ","html":"","width":"100%","height":180,"duration":3306,"description":"In this episode of Very True, Alex reconnects with old friend Nic Poulos, early stage investor at Euclid and former cofounder of Bowery, to dissect how venture capital evolved from a quirky cottage industry into a massive industrial complex. Nic shares his journey from the early days of New York’s seed ecosystem back when writing a $250k check into a B2B SaaS company was considered a novel idea to today's highly concentrated, hyper competitive landscape.Alex and Nic dive deep into the evolution of vertical software, exploring how TAMs expanded beyond anyone's predictions and how AI is now unlocking massive services budgets. They debate the shifting cultural narrative of the \"founder career path,\" the real world limits of non technical founders \"vibe coding\" their own enterprise tools, and the looming DPI dilemma hanging over the venture asset class. They also pull no punches on the current state of SPVs and the reality of fund math in a polarized fundraising market.Episode Highlights[11:03] Tech as an Economic Layer: Nic and Alex discuss how technology transitioned from being a distinct investment sector to a foundational layer of the entire economy, and how that shifted VC from a niche asset class to Wall Street's darling.[14:19] The \"Founder\" Career Path: Is entrepreneurship a calling driven by a need to solve a persistent problem, or has it just become another corporate ladder? Alex and Nic discuss the pros and cons of the mainstreamification of startup culture.[24:14] Vertical SaaS 101: Why the historical knocks against vertical software, small TAMs and niche markets, turned out to be wrong, and how superior CAC dynamics and AI are opening up blue ocean opportunities.[30:06] The New Build vs. Buy: With the rise of Claude and ChatGPT, everyone is suddenly a developer. Nic and Alex explore the limits of \"vibe coding\" and why complex, enterprise ready software will always require specialization of labor.[39:35] The DPI Dilemma: A candid look at the venture...","thumbnail_url":"https://img.transistorcdn.com/57OvVMJPURacY2oSlK5Y2MLrhZTAZ_pp8q-BCnv84D8/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS80MzBk/N2QxOGUzMzA1ZjQz/MzhkNTg3NTQzYjE0/NjQ2NS5qcGc.webp","thumbnail_width":300,"thumbnail_height":300}