Insights from 100 NYC VCs
An unscientific snapshot with interesting anecdotes on the state of startups today
Last week, we partnered with our friend Kamran Ali at Inspired Capital to host a summer rooftop party for 100 VC partners & principals in NYC. Below are some of our favorite insights and overheards from the night.
NYC VCs think AGI isn’t coming anytime too soon
AGI - or artificial general intelligence - is the point when machines can perform any intellectual task as well as (or better than) humans. Sam Altman has predicted we could get there in 4-5 years; this group of NYC VCs think the time horizon is longer:
About one-third believe we’ll reach AGI in the next 20 years
50% believe we’ll achieve AGI in the next 30 years
~16% basically believe we’ll never get there
~93% like their data in pretty shapes (a fish-like blob, a rectangle and a couple very straight lines)
Some VCs have no problem raising; others are constantly raising
VC funds are going through similar dynamics as founders in the sense that overall, the market is tough - but there is a bit of a bifurcation, with the winners having no problem to raise, and the rest are experiencing the ongoing struggle.
(Some) NYC VCs work all summer long
There’s a cliche that VCs are nowhere to be found at the end of the summer and it’s impossible to get deals done. But we had a lively, hardworking group! And there was more than a handful of folks who had recently gotten back from trips abroad and were still jetlagged - but they rallied and came out. (Not that going to a party is such hard work, but it definitely counts and people were working it!)
It’s not just all AI, all the time
There are still plenty of investors who are very focused on specific verticals or niches, not just AI, including: consumer, healthcare, social impact, government, deep tech, underrepresented founders, B2B SaaS, etc.
“It doesn’t take long to be an OG”
Some of the more experienced partners agreed - the NYC startup ecosystem still feels very young, and those who were around just 10 years ago feel like veterans. There has been a huge explosion in the ecosystem in the past decade and there are so many more funds and founders than before.
“The IPO market is completely dried up, but M&A is alive and well”
There is only one available outcome for startups that are ready for an exit these days: acquisition. With no clear view into a friendlier IPO environment, growth-stage startups need to expect to go a few extra years before dreaming of going public.
What do you think? Share your thoughts below!
To hear about all of our upcoming events, check out our calendar on Luma and hit the Subscribe button.
And many thanks to Scott Bennett and the team at Cravath, Swaine & Moore LLP for supporting the event! Cravath has been known as a premier U.S. law firm for more than two centuries and its lawyers are widely recognized as leaders in their respective practices.