Carson V. Conant

What Breen Sullivan and I have discovered over the past four years of matching startups with advisors and directors at The Fourth Effect, is that there is significant confusion around the nomenclature of Advisory Boards -pre-fiduciary or governing boards. They go by many names... Advisors, Advisory Boards, Boards of Advisors, Advisory Councils, Executive Advisory Boards, Strategic Advisory Boards, Advisory Committees��the list of goes on. 💡 But here's the truth, no matter the title, the legal relationship between the founder and the advisor is the same. Individuals who enter into an advisory relationship with a startup—whether called ‘Advisors,’ ‘Advisory Board Members,’ or anything else—are there to provide guidance, connections, and insights to help the startup thrive. 📝 At the early stage, informal relationships i.e. 1:1 meetings with individual advisors might make the most sense. As the startup matures, a more structured advisory board could be more effective. Sometimes investors like to see the founder's skills at leading a board-like exercise. The important thing is to use everyone's time wisely. There’s no one-size-fits-all approach. What’s consistent, though, is that advisors—by any name—help founders navigate challenges and lend their expertise and network. Would love to hear from you: How have you leveraged advisors in your startup journey? Tips and/or tricks? Drop your thoughts below! 👇 #Startups #AdvisoryBoards #TFEprotips

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Today we announced the closing of Origin Ventures VI at $140M. The fund was oversubscribed and is the largest in the firm’s 25-year history, bringing assets under management to nearly $500M. The fund’s institutional, family office, and individual investors stretch across five continents. Origin Ventures VI is focused on innovative companies leading humanity into the fifth economic era - the Artificial Intelligence Economy - transforming how we live, work and play. Investment themes include: ⚡ 🔓 AI infrastructure: compute, power, language models, security, quantum 🤖 🚚 AI-native software: logistics, supply chain, sales, operations, consumer 🦾 🛰️ AI frontier tech: robotics, defense, electrification, space, materials, manufacturing We appreciate the bold vision of the founders we have backed, and the confidence of our limited partners as we continue to invest at the forefront of the Artificial Intelligence Economy.

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“Complex is easy. Simple is hard.” This is a foundational principle for Dustin Grace — and one I see echoed in so many of the design‑minded technologists we back at Baukunst. Dustin’s company Estes Energy just raised $11M to apply that philosophy to one of the hardest problems in electrification: building commercial EV batteries in America. After 9 years at Tesla designing the Model 3 battery system and 8 years as CTO at Proterra scaling gigafactories, Dustin knows how to zoom in and out — seeing the big system and the tiny detail. The best creative technologists do. It’s a lot like poetry: boiling the vast down to its most essential elements. For Estes, that means: ⚡ 30% lighter battery packs for better fuel efficiency 🛠 80% fewer parts for simpler manufacturing 🇺🇸 Built for U.S. production Baukunst backed Estes at the pre-seed because we believe simplicity, executed at scale, is what reshapes industries — and that’s exactly what Dustin is building.

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Back in 2016, when I was cramming for venture finance interviews, I found Fred Wilson's https://avc.com/ and the resources on the S3 Ventures website incredibly helpful. They covered all the fundamentals I needed for the interview process—liquidation preferences, cap tables, option pools, valuations, different operating models, and more. Fast forward to 2025—as I think more deeply about portfolio construction and performance—I’ve found two resources especially valuable: 📊 Taylor Davidson's VC fund modeling guide: https://lnkd.in/gWp4ndTK 📈 Hadley Harris & Kristin McDonald's “Portfolio Construction for Dummies”: https://lnkd.in/gBGYJzDc Thank you all for sharing such clear and practical insights with the community. They've helped me tremendously, and I imagine many others too. #EmergingManager #PortfolioConstruction #VCfundModeling

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💡Emerging GP Fundraising Insight #8: Rolling Closes Keep You Moving Small funds can't always afford to sit still until the target is hit. Rolling closes let you start deploying earlier, build a track record, and show momentum to prospective LPs. One GP told me that for Fund I ($5M target), he took capital as it came, signed, wired, and got to work. It wasn't perfect, but it kept the lights on and the deals moving. Sometimes the "sign and wire as it comes" approach is the only way to get moving. Takeaway: Momentum is a fundraising asset and rolling closes can help you keep it. Has anyone here used rolling closes as a strategic advantage?

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“Platform” might be the most over-used term in enterprise software. Platform companies trade at hefty premiums and have driven most of the software market cap appreciation over the past five years. Everyone wants to be one. Pitch after pitch, we hear companies talk about their “platform opportunity,” regardless of what the product is or how it’s built. The bottom line is: companies can call themselves platforms all they want, but ultimately, the proof is in the P&L. Justin Kahl and I broke down the anatomy of enterprise platforms to track if you're on the path to building one - link below: https://lnkd.in/gMdaFw7D

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Growth at all costs is out. Strategic expansion is in. One stat from our new report that says it all: By $100M ARR, 67% of growth comes from expansion, not net-new customers. We’re seeing a mindset shift among top-performing founders. They’re prioritizing customer success early, building in product-led growth loops, and measuring how they grow, not just how fast. Full analysis and benchmarks here: https://lnkd.in/gZruurYs #AI #SaaS #CustomerSuccess #BeyondBenchmarks

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I spoke with Christien Louviere of BDE Capital about his journey from a $330mm exit to becoming an independent sponsor. Christien shared excellent insights for folks looking to partner with business owners, rather than buy sellers out completely. Below are a few of the topics we covered: - Why he moved from “zero-to-one” startups to a buy-then-build strategy - How Christien's background shaped a focus on growth vs. cost-cutting - Why 20–40% rolled equity is central to his deal structures—and how it builds trust with sellers - Using scenario analysis with AI tools to evaluate management teams and uncover hidden key-person risks - How to identify when a $3–5M EBITDA company truly has a middle management layer—or is still founder-reliant For anyone investing in or buying small businesses, Christien’s approach provides a fresh lens on growth, alignment, and deal structuring. 🎥 Watch the full interview here → https://lnkd.in/ekfkaiej 🎧 Listen on Spotify: https://lnkd.in/e86Agx6V

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We are LIVE again with AITX Community Podcast episode #6 with the one and only Kevin Frazier! AI is moving fast and transforming both industries and culture, but policy and legal frameworks are struggling to keep pace. Kevin and I dug into where lawmakers are focused today, what’s actually on the table for the future, and how these decisions will ripple across our lives and businesses. AI policy is a nuanced discussion, but no matter your position, it’s important to be informed. No matter where you stand, this conversation will give you clarity and perspective. Check it out! Spotify: https://lnkd.in/guE7KF_z Youtube: https://lnkd.in/gfQGT9Va

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