Duncan Logan

#TheTenYearFixedTerm. It drives the entire startup ecosystem. Here’s how. Week 4 of “Venture Capital” at the Santa Clara University School of Law. LPs don’t want to be trapped in an illiquid venture capital fund forever, paying annual management fees. How can they get out? There is a secondary market for those interests, but it’s primarily opportunistic, and targets desperate sellers. So without a structural endpoint, they could be trapped forever. And there is: the 10 year fixed term. On that anniversary, subject to possible but limited extensions, the fund must terminate and wind-up, distributing its final assets to its investors. Seems benign, but the impact is massive! 1️⃣ Our #VC and #startup culture is defined by SPEED. Startup-to-growth-to-liquidity, as quickly as possible. Market dynamics are most certainly relevant, and prevalent. But there’s a structural driver as well: yes, the 10 year fixed term. If you are going to fully harvest your fund in 10 years, you need to front-load your investment activity (to ensure that your portfolio companies have at least some time to grow and ripen). So VCs race to deploy their capital within the first 5 years. But that’s not all - they then apply pressure on founders to drive toward exit. Which in virtually all cases, is M&A (sale of the company). The need for LP liquidity within 10 years drives the need for startup speed. 2️⃣ #AgencyCosts refer to the inevitable conflicts-of-interest that arise when one party (the agent) is tasked with acting on behalf of another party (the principal). In the #VC context, the ultimate principal is the #LimitedPartner, and their agent is the #VentureCapitalist. Limited partners want big returns, and liquidity. But what’s to stop the VC from diverting focus (and capital) toward an unending lifestyle instead? In other words, people have their own agendas and motivations. Always. So how does this principal, here, ensure that incentives are aligned and agency costs minimized? Yep. The 10 year fixed term. By dramatically limiting the space for self-dealing by creating a brief window of active existence, the VC is forced to focus on getting to liquidity. They simply do not have the opportunity to selfishly create an endless, self-perpetuating empire underwritten by the limited partners. Bracketed with their carried interest, the VCs are incented to focus on big returns in a concentrated period of time. Exactly what the LPs want! I was on the road this week, and so I recorded the lecture for the students. I normally can’t provide access to my lecture recordings, because they live behind university firewalls, but this week I bootlegged it and uploaded them to my YouTube channel. If you are interested, this lecture (broken into 3 segments) is available there for free - no agency costs in sight! #DWProf

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🚀 Few people have done more to shape the Pacific Northwest startup scene than Chris DeVore On the latest Sound Investments, Chris explains why Founders Co-op doubled down on Seattle, how he thinks about community-driven VC, and what lessons founders everywhere can learn If you care about where innovation comes from - and how to build ecosystems that last - this is the episode for you Listen to the full conversation: 🎧 https://pod.fo/e/3211fd #FoundersCoop #VentureCapital #Seattle

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While some criticize the dispersed nature of the Climate Group's NYC Climate Week events, I appreciate this distributed approach — The city-wide panels foster new collaborations and bring together diverse perspectives, creating a more comprehensive view of the issues at hand. Today's highlight was the "AI: Powering a More Productive Energy Future" panel featuring Varun Sivaram, a passionate and convincing founder/storyteller, alongside other notable speakers. - Data centers currently consume 4% of US energy resources, with high-demand facilities facing years of permitting delays and most relying on fossil fuels. - Varun's Emerald AI tackles this problem through demand flexibility and load intelligence-orchestration. This approach enables faster data center deployment and makes better use of renewable power sources. - Despite challenges including: 1) dependency on interoperability and integration layers (which Nvidia is addressing), 2) security and privacy concerns in load navigation, and 3) the need to work with heavily regulated and slow-moving utilities, Emerald and similar companies show promise as forces for good. DataCenterTech is an important category for ComposeVC, which is hosting a panel on a similar topic on Wednesday ("How Physical AI Startups Are Making Real Assets More Efficient and Intelligent"). May the force be with us! Ayse Coskun, Abhishek Sastri

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🚀 Universities -- are you ready to unlock the true potential of your campus innovation ecosystem? The venture studio model is rapidly transforming how universities turn research, talent, and IP into real-world impact-but it’s not for the faint of heart. 🔍 Venture studios go beyond accelerators and incubators. They act as company creators-systematically building, validating, and launching startups. But here’s the truth: 👉 The studio model is powerful-but also complex. 👉 It demands clarity of vision, deep integration with university assets, and rigorous execution. The stakes are high, and the path is tricky. 📄 If you’re considering a venture studio, start with the right questions. Our latest guide “37 Essential Questions to Assess Your University Venture Studio,” is a practical framework to help you: 1️⃣ Evaluate alignment with your university’s mission and strategic goals 2️⃣ Design sustainable funding and governance structures 3️⃣ Build processes for idea sourcing, validation, and spinout 4️⃣ Attract and incentivize top entrepreneurial talent 5️⃣ Establish robust metrics and accountability for long-term success Studios are not “one size fits all.” Customization to your institution’s unique strengths and context is critical. And disciplined, data-driven design beats hype. The most successful studios are built on rigorous planning, transparent KPIs, and a willingness to learn and adapt. Ready to explore what a university venture studio could look like for your institution? 👇 Comment for the guide and let’s start a conversation. #VentureStudios #UniversityInnovation #Entrepreneurship #TechTransfer #StartupEcosystem #Commercialization

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The best founders I’ve backed had no pitch deck.  One just had a napkin.  One had a threat.  No animations. No slide transitions. No 80-page Google Docs titled “V1_FINAL_REVISED_MARCH”. Just raw, terrifying clarity. The napkin guy sketched out the whole business model over lunch.  By dessert, I wired the money. The threat guy said,  “You’re either in, or I’ll make sure you regret it when we IPO.” Best investment I’ve made. Also, mildly traumatizing. Point is:  Decks don’t convince investors.  Conviction does. If you need a pitch deck to explain it, maybe you’re not clear on it yet. And if you can explain it without one, maybe you’re dangerous enough to build it. Founders, your job isn’t to make pretty slides.  It’s to make people believe. Or fear missing out. Or both. I invest in that energy.  Bonus points if there’s napkins involved.

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SF Climate Week felt like an international movement across town this year! The message was clear: the global carbon transition is happening regardless of who's in the White House. To accelerate it, we need to mobilize more impact capital and specialized venture funds. 🏄‍♂️ Radical cost reductions in solar, wind, and batteries (over 80%) have flipped the script. Clean technologies are now not just greener, but cheaper and better. We’re no longer talking about a green premium, but a green discount. 🌎 Yes, federal climate policy in the U.S. is regressing. But 24 U.S. states are holding the line or even strengthening their commitments. Others are stepping up: Canada now offers 60% tax credits for carbon removal projects; China plans to cut emissions by 30% by 2035; and the EU has launched its Green Deal. 💰 While some generalist VCs are pulling back, we’re seeing more impact capital and smaller, specialized funds. These science-driven investors are focusing on topics like nature tech, biodiversity, biotech for climate, and critical minerals. Patient, value adding capital is replacing the hype money. 👩🏽‍💻The AI & Climate opportunity is everywhere: from climate modeling, energy and emissions optimization, environmental monitoring, to AI-powered agriculture and fundamental research. 💥 Nuclear is back in the climate spotlight and the hope to meet the fast growing demand for clean, reliable energy to power the expanding universe of AI-driven data centers. 🙋‍♀️ Climate change is not a fading trend. Its effects are growing more visible by the day: rising temperatures, extreme weather events, and increasing instability. Climate funds are now actively investing in resilience and adaptation— think wildfire alert systems, air quality, food and water, and human health and resilience. 🔥“We are facing a national emergency for our democracy and a global emergency for our climate system.” Al Gore delivered a fiery speech until the opening ceremony audience was evacuated due to a false fire alarm. The symbolism couldn’t have been more on point! #climatech #impact #investors #founders #SFClimateWeek

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The art and science of diligence in early-stage VC goes far beyond scorecards and rubrics. Sure, frameworks can provide structure - but they’re rigid, easy to game, and often miss the nuances of what makes a startup truly investable. That’s why in this week’s episode of High Stakes, I sat down with early-stage investor Matt Gittleman who shares his “levers and hurdles” approach to evaluating deals and why disciplined judgment matters more than box-checking. Watch the trailer then catch the full episode for a behind-the-scenes look at how investors really make decisions.

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In a compelling insight, Ben Horowitz, a renowned venture capitalist and co-founder of Andreessen Horowitz, shares a powerful perspective on navigating setbacks in business and career. He argues that when faced with failure or unexpected challenges, dwelling on the reasons why things went wrong or lamenting unpredictable outcomes is a waste of mental energy. Instead of adopting a victim mindset or endlessly analyzing what could have been foreseen, Horowitz emphasizes the importance of redirecting every ounce of cognitive focus toward actionable steps that improve your situation. For example, in a business context, rather than fixating on why a product launch failed or a market shifted unexpectedly, Horowitz would advocate for immediately exploring ways to adapt—whether by refining the product, targeting a new customer segment, or securing additional resources. In a career scenario, instead of ruminating on a missed promotion or job loss, focus on upskilling, networking, or identifying alternative paths to achieve your goals. This mindset prioritizes resilience and forward momentum over self-pity or regret. Horowitz’s philosophy aligns with the principles of stoicism and high-performance psychology, which emphasize controlling what is within your power and letting go of what isn’t. By avoiding the trap of overanalyzing past failures, you preserve mental clarity and emotional energy for constructive efforts. This approach not only accelerates recovery but also fosters a growth-oriented mindset that can turn adversity into opportunity. For those facing challenges, Horowitz’s advice is a call to action: stop moping, stop overthinking, and start moving. Every moment spent on “why” is a moment stolen from “what’s next.” By relentlessly focusing on improving your position—whether through small, incremental steps or bold, strategic shifts—you can transform setbacks into springboards for success.

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Seed-stage fundraising requires differentiation. Grind Ventures found it at the intersection of three underserved markets Technology transfer from universities creates early-stage opportunities that most VCs miss. Defense and federal marketplace applications provide revenue visibility. Critical infrastructure sectors offer commercial scale. Focused Thesis - Dual-use technologies serving defense and 16 critical infrastructure sectors Technology Transfer - University research teams1-5 years old at $1-3M valuations Revenue Clarity - Federal marketplace provides structured procurement pathways Commercial Scale - Critical infrastructure sectors offer massive addressable markets   Geographic Focus - US-based companies with clear domestic advantages Stage Discipline - Seed investments with defined entry points and milestones The market rewards problem-obsessed founders with healthy margins and cash flow visibility. Dual-use technology delivers both. Which of these thesis elements resonates most with your investment approach? #VC #GrindVentures #ThoughtLeadership

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400+ interviews on the M&A Science podcast. 200+ corp dev teams in the trenches. 5 core principles that kept showing up again and again. What started as a pattern became a movement. Buyer-Led M&A™ isn’t about doing more deals. It’s about doing them better. We didn’t set out to brand a new method—we just kept seeing the same thing happen in high-performing deal teams: Buyers taking control of the process. Not just post-close, but from strategy to sourcing to integration. It’s how top teams scale, move faster, and create real value—without the friction, rework, or chaos that slows most deals down. After listening to customers and M&A experts we developed the 5 Pillars of Buyer-Led M&A™: 🔹 Never M&A on Impulse Source deals that actually align—not just what lands in your inbox. 🔹 Unified Process, Tools & Data Structure = scalability. One system for workflows, collaboration, and insights. 🔹 Synchronized Diligence & Integration Day 1 readiness starts on Day 0. No handoffs. No rework. Just aligned execution. 🔹 Built for Scalability Playbooks, team structure, and continuous improvement. That’s how you scale without burning out. 🔹 Win-Win Approach The best deals retain talent, align incentives, and create shared success. Buyer-Led M&A™ isn’t a playbook. It’s a framework. Built to adapt to your deals, your team, your context. If you’re scaling M&A—and care about outcomes—this is the model. Anyone beg to differ? #BuyerLedMA #CorpDev #MergersAndAcquisitions DealRoom

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Alpha in early-stage VC doesn’t come from consensus. It comes from conviction. When a fundraise kicks off, the associate group chats light up. If Sequoia or Benchmark pass, word spreads in minutes—and fear sets in. “What do they know that we don’t?” Suddenly the round goes cold. Even great companies walk away with zero term sheets. But here’s the truth: Chime had 100+ rejections before landing its $9M Series A. Many iconic companies start this way. Alpha lives in the moments when everyone else flinches. Ignore the whispers. Trust your judgment. That’s the game.

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Virtual Power Plants are redefining how communities create, share, and sustain energy. By connecting homes, EVs, and batteries, VPPs are transforming the grid into a resilient, decentralized ecosystem. Glad to see California leading the way! ⚡️🌎 Bay Bridge Ventures, Kim K., Andrew Karsh, Francois-Jerome Selosse, Maya Bhandari, Eva Zlotnicka, Jason Palmer #ClimateTech #Sustainability #EnergyTransition #BayBridgeVentures

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