The Naked VC
summary
Panel describes early‑stage VCs investing seed/Series A in B2B SaaS and Enterprise AI, calling what they buy selling dreams — many investments are prototypes or pure roadmaps at purchase. One partner reports ~75 personal deals, hundreds with partners, and actually uses about 20–35% of portfolio products. A fund IRR example cited is 28% over 16 years. Example of a missed deal: a tiny mapping app later sells for ~$1B, showing hits are rare but huge.
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