Venture investor at Eka

London
Joined July 2009
I've been thinking a lot about data bottlenecks, and I'm not sure who else is screaming this from the hilltops. I feel like I'm taking crazy pills looking at the jagged frontier thinking it's smooth if you order by data volume. the spikes in the jagged frontier are tasks with tons of data (either static or simulated; think math, programming, games), and the valleys are tasks with little or no data (cooking a lasagna, olfaction, manufacturing a passenger train). I don't know of any exceptions. if you order the jagged frontier by data it looks like a spiral frontier. models are superintelligent where we have enormous data, and progressively less so as we have less data. some tasks may draw data from static lakes of data, some may be from limitless waterfalls from simulators that convert compute into data. but ultimately, intelligence on a task is proportional to the data absorbed by the model for that task. scaling laws are real. if you are not bound by compute or algorithms (increasingly we are not), then intelligence is proportional to data. since we don't have a very good notion of task similarity, it's often difficult to know if data for one task will help you with another, without training a model and seeing. but, it doesn't seem like chess data helps much with math performance and vice versa. so when I refer to data, I refer to data that is task-relevant. maybe we call this the 'no shortcuts hypothesis'. all the rules-of-thumb about learning are at the root, the same -- Malcom Gladwell's 10,000 hours, Moravec's Paradox, Scaling Laws, the Bitter Lesson, Age of experience. If your learning system (model, brain, whatever) is unconstrained by compute, intelligence is proportional to accumulated experience. no shortcuts. want to be superhuman at chess? play all the chess, more than the whole species combined (good thing a model can do that in 24 hours). want to be superhuman at math? build a math simulator and lock the model in it and run it faster than reality. superhuman at coding? first, collect all public examples of humans writing and responding to code ever, make the model learn from that first, and then lock the model in a simulator where it fixes bug after bug, faster than realtime. superhuman at image generation? no shortcuts. but here, we don't have a simulator. so now we're moving around the spiral frontier away from closed-loop into large static lakes. still big enough to be superhuman though, which also applies to video, text, and audio. oh! and once you have a superhuman model, you can use it to bootstrap other tasks by making a superhuman model a judge on other tasks. let's keep marching along the spiral frontier, out of the realm of data abundance, simulators and large static lakes. biology? no shortcuts. go get a ton of data. and be freaking careful! you can get bad data in biology pretty easily. tilting a well plate 5 degrees the wrong way can ruin an experiment. so make sure you understand the domain, otherwise you're going to have to filter a lot out. robotics? no shortcuts. get the data. if you can build a simulator, do it, but be mindful our simulators don't have perfect correspondence with reality. so, build an arm farm. fold 1M shirts, put 1B balls in cups. play ping pong forever. olfaction? no shortcuts. smell the world. build a laboratory of chemical sensors, an international network of trained sensory panelists, a scent production factory, and link them all together. make millions of samples. smell millions of samples. take billions of chemical sensor readings. I totally buy super intelligence as a concept because I feel it, I use it for coding, the breakthrough math results speak for themselves. I see RSI coming, because how could an all-digital task like ML research and model building not fall to the current paradigm? But the notion that AI will come for everything, all at once, irrespective of domain, feels silly, because there are no shortcuts. if you want a specific form of intelligence, you have to get the data. looking at you @willdepue, I feel like we're both seeing the same thing
🤖 Made with AI
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Jon Coker retweeted
Made a quick survey about the economics of AI: next-five-years.vercel.app.
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Over the weekend, Tobi, the founder and CEO of Shopify, discussed the major reason investors passed on Shopify in the early days : market size. I remember that financing round, & I remember having the same concern, & making the same mistake. Living in the valley & driving on 101, the billboards & logo-adorned headquarters of successful companies provide a daily infusion of all the mistakes in I’ve made in guessing how a company or a market might evolve. Years later, I listened as Bill Gurley shared his thoughts about market size. He asked himself a question : whether the startup was increasing, decreasing, or maintaining the market size? (I can’t seem to find the link - but I have it in my notes!) I added that question to my diligence list when meeting startups. Now much later, having seen many companies create categories or reinvigorate aging ones, the question I ask myself has evolved. It’s not as the market size large enough? Instead, it the question is : do we believe this company can create the market? Market size is the output of all the players marketing, selling, building. Their efforts alter, distort, & juice the supply/demand curves of macroeconomics. It’s not a given - not an output or a steady-state CAGR. Often it’s the startups that engender the demand, change the market dynamics, & make markets massive by taking risks with products. When done right, these founders create category-defining businesses like Shopify (now worth $90b)!
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The nine sources of competitive advantage. Good list but I would frame differently. I think it is 2,3,4 & 5 that matter. 1,6,7,8,9 appear to exist if you use 2,3,4&5 to create them From @farnamstreet newsletter. fs.blog/brain-food/august-20…
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Great interview with @joncoker, Founding Partner of @eka_ventures, one of our capital ventures, about their our approach and structure for assessing #founders: ow.ly/YKzW50OVrwz #VC #ImpactInvesting
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I really enjoyed this pod with David & Andreas at EUVC. We talked about our approach for assessing founders. All venture investors say founders are the most important part but very few have any real structure for this assessment! open.spotify.com/episode/0MD…
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Really enjoyed getting to talk a bit more about our fantastic partnership with @HowardGroupUK
Many thanks to @eka_ventures' @joncoker for taking time out to talk about how Howard Group’s early commitment to join the crucial first #impactfund and support its mission was pivotal: "There was a real catalytic element to that" he says: ow.ly/7SXe50M0WGy
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I was excited about this even before I found out about the cardamon buns! Reckon its going to be the beginning of something special. Kudos to @hajak and our friends @palebluedotvc for putting it together
LESS THAN ONE MONTH TO GO! 💥👁 We can't wait to see you at The Drop. A crisp September day in Sweden, talking about climate solutions with the people making it happen. But what can you expect? Read on, reader! 1/3
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Whilst there is a long way to go – and we need progress to be a lot faster – we’re travelling with many others now, including you. Take a look inside the #SnowballAGM2022, on changing behaviours in investment. snowball.im/blog/snowball-ag… #InvestPositive
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This! And applying these traits for a long time!
Replying to @gdibner
7/ Fast fundraising and high valuations DO NOT create strong technology companies. Humility, intellectual honesty, fearless embrace of challenges and real risk, and outstanding human capital are the key ingredients. Financial capital is helpful but often incidental.
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Loved this thread! Especially the customer complaint 😂
We had our biggest delivery week by +40% as we continue to ramp up! 🚀 What was especially great about this week was the amount of amazing feedback we continuously got throughout the week. I've shared some of the funnier ones below as well as one 'complaint.' 😉 (1/8)
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I’ll be sharing how @HivedHQ is building the infrastructure to cope with this still nascent e-commerce boom - in a way that that combines efficiency, sustainability and social responsibility.👇🏽
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Really enjoyed doing this. Covers my views on paths in to venture, how to define success, being honest about what you have and haven't had influence on and bringing impact investing to mainstream venture. Thanks @ridingunicorns_ !
"Work is not about getting by, its about doing something that has real meaning to you" - @joncoker, Founding Partner at Eka Ventures For more from Jon be sure to check out our latest episode out now on Apple + Spotify 🎙
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It can be hard to know where to start when it comes to VC but as our guest this week, Founding Partner at Eka Ventures @joncoker details in this short snippet there is no one path into venture 💶... What path did you take? Full episode out Wednesday on Apple + Spotify🎙
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Hey all! We are almost at the end of Season 2 😔 Don't weep just yet though for we are ending it in style 😎 In fact helping us close out Season 2 is Founding Partner at Eka Ventures, @joncoker 😃 Be sure to tune into the full episode on Wednesday on Apple + Spotify🎙
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Great summary from @joncoker on @eka_ventures investment into @HivedHQ. (Tl;dr parcel logistics is broken - a data-led, customer centric and emission free parcel delivery network is necessary).
Replying to @eka_ventures
6. Today’s COP26 agenda is something we’re particularly passionate about at Eka, having invested in @HivedHQ, a zero emissions delivery business, to help accelerate this change and reduce air and noise pollution. Read more here: medium.com/eka-ventures-writ…
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Enjoyed the discussion with @deborahbrosnan and @zachareykarabell @websummit2021 on the opportunity that the climate transition provides to entrepreneurs Key message: Climate is rewiring the economy and is the greatest economic opportunity of our time
Great to take the stage at #WebSummit2021 today with @zacharykarabell and @Camilladolan to speak to startup founders on how to build a sustainable company in the #climatechange era. My message? Climate change is here. Assess now. Identify risks + opportunities. Get out ahead.
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🤩 Excited to finally share this!! Thanks for all the support so far! @hajak @HeidiLindvall @joncoker @Camilladolan 🥳
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