📊 “UBERIZATION” OF AI MODELS
AI is routinely described as a software revolution. Economically, that framing is wrong. The modern LLM is the visible interface…
Reports
💸 THE RISE OF VENTURE CAPITAL SECONDARIES
by Jim Pulcrano, IMD, & Reference Capital For decades, venture capital operated on a predictable timeline: invest early, build companies…
🦄 BORN WINNERS: THE AGE OF DAY-ZERO UNICORNS
Over the past 25 years, the time required for startups to reach a $1 billion valuation (“Unicorn”) has compressed dramatically….
🏁 A GUIDE TO AUTONOMOUS DRIVING
Everyone remembers the autonomous vehicle hype. Fewer remember the crash that followed. Between 2020 and 2024, the industry torched tens…
🏗️ WHY INFRASTRUCTURE & INDUSTRIAL EXECUTION NOW DEFINE VC OUTCOMES
AI just snuck into our team photo. Generated by ChatGPT 1.5. It’s not quite there yet, but 2026 could change…
🛡️ THE CHANGING NATURE OF WARFARE
Defense is at an inflection point. After decades of consolidation around traditional defense primes, a new wave of venture-backed startups…
📕 AN INSTITUTIONAL HANDBOOK OF VC FUND INVESTING
Setting Up and Investing in Venture Capital Funds The Institutional Way — A Practical Handbook By Reference Capital 1. INTRODUCTION Institutional venture…
🇨🇳 CHINA’S INNOVATION MACHINE
Dear Partners & Friends, We are back and excited to reconnect! We hope your summer break was refreshing, maybe even…
🖨️ THE REAL STATE OF 3D PRINTING
Dear Partners & Friends, We’re hitting pause for the summer to focus on in-depth research and curate a spectacular lineup…