Colin on Warpcast

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Colin pfp

Is it common for VC firms to keep pivoting their thesis and focus areas? Now it seems “headless marketplaces” are where certain funds are doubling down on. Previously it was points, and before that generically consumer social. Seems better to have a core thesis vs just ride the current hot thing?

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Mike Fiuk pfp

Define “headless marketplaces”

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↑langchain 🎩 pfp

↑langchain 🎩

Thesis: current thing

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derek pfp

It's common for the middle of the bell curve of firms, yes. Not necessarily a bad thing and happens for a number of reasons: talent turnover, market shift, etc. The top 15% don't normally pivot theses, and the bottom 15% don't have theses at all, much less one that changes. (Caveat: experienced founder perspective)

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Rolf Hoefer pfp

Separate between a core (hypo)thesis and derivative (hypo)theses. Pivoting in the sense of updating one's core (hypo)thesis is a rare thing, but happens, e.g. see Paradigm. Updating one's peripheral hypothesis based on new information is more frequent--and arguably a good thing. Frequently changing core theses--tricky

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Ben 🟪 pfp

30000 $degen for best conversation starter of the day

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Chad🎩 pfp

1st Quartile vc managers are best at underwriting people. to your point, I do think 'focus areas' ebb and flow based on market sentiment but much of the discussion around 'headless marketplaces' (or any other 'buzz') is more likely than not a demonstration of value add to founders, rather than a true pivot

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Integrated Kyle e/acc pfp

Integrated Kyle e/acc

dont think variant is pivoting. they are just highlighting an area they are excited about i described the same concept a few weeks prior - "UI layer composability" https://multicoin.capital/2024/01/16/what-multicoin-is-excited-about-for-2024/

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derek pfp

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Ben 🟪 pfp

A handful of top firms influence the narratives with their theses. The rest follow. Indecisiveness of focus is more common in an uncertain macroeconomic environment. It's not best practice though.

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Cooki pfp

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Dominik 🔮🎩🧀 pfp

Dominik 🔮🎩🧀

It depends. Pivoting from B2B SaaS to Space/Defence Tech/Synthetic Biology would be a little odd. But generalists around a wider yet somewhat defined topic exploring new things within that topic is fine. Better than ultra focused „$AI/$currentThing Fund“ and missing the boat on an emerging trend.

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Jorge pfp

Hi Colin! Any chance you could DM me for help with a feature on paragraph please!

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WP pfp

Those who focus on 1 vertical and are specific are the most performant

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Dnt Wry pfp

Its called momentum investing... try to keep up

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