VC is a great model that has been misapplied to too many startups.
Ethan Mayers, venture partner and operator at SBESU, has worked across 50-plus countries and experienced startups from founder, operator, advisor, and investor seats.
We discuss:
Why SMV funds can target $50M to $500M exits with 60% to 75% portfolio success instead of relying on extreme power-law outcomes.
Why permanent capital can finance technology businesses without requiring an acquisition or IPO.
How “nimble” capital targets sub-six-year exits, including MDB Capital’s path from patentable technology to microcap IPO.
Why Ethan expects traditional VC to concentrate into fewer, bigger deals as AI changes startup economics.
Why some firms are neither active funds nor zombies, but “Schrödinger funds” maintaining pipeline while primarily raising LP capital.
“We should not be applying unicorns of power law to every form of startup”
Should a $200M exit count as a VC failure, or does it mean the company chose the wrong capital model?
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