Loved my conversation with @sether of Foundry about real work, AI, venture strategy, and the myth of overnight success. The nerded out about: How he does the “real work” of venture: deep, collaborative problem-solving with founders and fund managers—versus performative governance or being “talked at” in board meetings. A practical framework for being helpful without being heavy-handed: Seth explains why venture is an influence game, how he avoids cornering CEOs with overly strong opinions, and how he stays effective even when he’s not on the board. The Foundry cadence for founder support: every six months Seth sends CEOs an alignment note—company goals + “where I can be impactful”—with the explicit stance: “I work for you.” Sometimes the best help is staying out of the way. Time management that actually works in venture: “Email is not my task manager.” Seth walks through his daily routine (calendar scan → task manager → prioritized list) and why inbox-zero is a trap for high-leverage work. Backing emerging managers: what most GPs miss in their own signal: Seth unpacks how LPs often over-index on pedigree and “bucket filling,” and why Foundry tried to underwrite true competitive advantage (and personal drive) the way early-stage investors underwrite teams. “Fund size is fund strategy” (and why many decks don’t compute): Seth breaks down how fund size should change check size, reserves, stage focus, pacing, and ownership—plus the common mismatch of a small-target fund with a huge hard cap and “same strategy.” Decisions that define a firm (and what Foundry chose not to do): Seth discusses why Foundry didn’t build a perpetual, generational firm—and how that choice shaped incentives, economics, and the kind of work the partners wanted to keep doing. Portfolio construction ideas outside the default VC playbook: from Arthur Ventures’ under-the-radar B2B SaaS approach, to “roll-up” concepts for stranded 2019–2020 vintage funds, to hybrid equity + revenue-based structures at the edge of venture. Short-termism and the temptation of DPI: Seth details the tension between selling great assets for near-term liquidity vs. compounding long-term outcomes—and why being clear about which “hat” you’re wearing (GP vs board member) matters. Capital Evolution: why Seth wrote it, and what changed his mind: a board-dinner conversation sparked the book; extensive interviews shifted his view toward avoiding a world where every company is defined by politics—while still holding values and responsibility. AI and entrepreneurship: bullish long-term, disruptive short-term: Seth argues AI will create more jobs than it destroys, warns against premature regulation, and frames productivity gains as a real lever against ballooning debt/deficits. The myth of overnight success (and what venture gets wrong): Seth calls out the “looking cool” status game in venture and reinforces the “10-year entrepreneur” reality—years of messy work behind every headline win. Hope you enjoy this episode of @InvestNStartups!