Interview, Fireside Chat, Conference Presentation
Theresia Gouw, Founding Partner of Acrew Capital
- The venture capital landscape in 2020 is expected to feature a public-private disconnect alongside ample capital availability for early and late-stage companies.
- A market "white space" for Series A firms is anticipated due to fewer organizations exclusively focusing on that stage, a condition similar to the late 1990s, while late-stage growth rounds now typically commence at approximately $500 million.
- Overcapitalization in later stages is predicted to hinder goal acceleration because scaling executive talent is more difficult than scaling cash, particularly when companies raise significantly more than needed.
- Decision timelines are expected to remain shortened, potentially dropping to nine days, with term sheet speeds increasing compared to 2004–2005 levels but not reaching the "measured in hours" extremes of 1999.
- A new wave of Gen Y and Gen Z-driven consumer internet companies focusing on experiential rather than tangible goods is predicted to emerge, with formation rates described as "just starting to bubble back up" within a timeframe of one to two years.
- Crew Capital plans to mitigate rapid decision-making risks by proactively identifying specific subsectors and companies before fundraising begins.
- The firm intends to handle speed requirements by maintaining a six-investor team structured into sub-teams of two to three people per focus area.
- Blockchain is forecasted to act as an enterprise "transport layer" akin to the internet in the late 90s, with the firm planning to invest in "picks and shovels" infrastructure and seed companies to capture winners before specific applications are defined.
- The firm expects to leverage a diverse investment team to secure broader deal flow, noting that female founders comprised 40% to 45% of funded companies in recent years.
- Industry diversity is projected to improve, with the proportion of female partners and check writers expected to rise from the current 9% to 11% range, a shift anticipated to drive better performance through expanded opportunity sets and connectivity.
- The founding team's representation of Gen X, Y, and Z is expected to provide a competitive advantage during future generational transitions.