London is falling

Before reforming EIS, pushing more $$$ through the BBB, requiring pension funds to increase allocation to "British" private markets. we need to agree on a defn of a British co, and why supporting those cos (rather than cos in general) actually matters

Join millions who have switched to Grok.

America innovates, China replicates. Europe cleans up in the NBA. @mcuban Given that @luka7doncic Jokic and @Giannis_An34 have gone to the US, maybe you guys could send some top founders in return?.

Suggests portfolio construction should be based on a view of how much vals reflect.1. [Structural] More efficiently priced risk distributions of different founder/co profiles; vs.2. [Cyclical] Multi-stage playing at seed + oversized (2021) seed funds, both of which should unravel.

RT @leoringer: Our take on how policy shaped tech in 2023 and what comes next - and a recap of a very busy year for the @formventureshq tea….

RT @andrewjb_: after we @formventureshq have been 'banging on about regulatory capacity' & its importance for UK startups/innovation, good….

AI is moving so fast, it's so hard to see how policy-makers and regulators can keep up. Can't help but think that we need to start by changing the policy-making process itself.

RT @leoringer: On the day that Microsoft resubmits to the CMA for approval of the Activision deal, a great moment to read last week's @form….

RT @andrewjb_: 3 stories today of 3 different regulators turning away / blocking startups from progressing bc they’ve got no resource to do….

Absolutely love the new Console Wars pod - another @AcquiredFM classic from .@djrosent and @gilbert . The "how the hell did Sega come up with Sonic the Hedgehog" q reminds me of this sketch.

RT @andrewjb_: on-demand delivery is here to stay, but gig work must get better:. - let riders easily compare & optimise earnings across pl….

Delighted to be backing @alfphiggins and Will, as they build the gig model 2.0 at Rodeo.

AI safety/ ethics is so clearly going to a defining (50yrs+) policy issue. There are lots of groups that can bring value to this: founders, investors, policymakers, regulators, 3rd sector, philosophers. So who is facilitating sharing/ cooperation between these groups?.

Myth 4: “Tech is basically illegal in regulated markets”. That would suggest you won’t find unicorns there… but there are plenty. See some of A16Z’s unicorns: . Fintech: Plaid; Robinhood . Healthtech: Devoted Health; Komodo health. In the UK, c.80pc of unicorns are “regulated”.

. Take health. Care is services heavy, limiting the degree to which tech can create savings. At the same time, health arguably has high adoption of new tech (e.g. drugs), which has boosted care quality over time. P.S. Cars and cellphone services tend to be highly regulated.

Myth 3: Tech can ⬇️cost/ ⬆️quality, so the increase in prices in these markets implies they don’t adopt tech. Tech can have that effect, but being a services sector (not product) works against this. Red lines are mostly services; blues are products. If wages ⬆️ cost of services⬆️.

. In the trade off between faster innovation and protecting customers, policymakers have opted to protect customers first, slowing innovation. This is an understandable choice.

Myth 2: Tech is regulated in regulated markets for no reason. Markets are often regulated to protect consumers - we should expect AI to be regulated (and often slower) in those markets to protect consumers, too. .

Myth 1: “AI is illegal in regulated markets”. Clearly not true. e.g. look at Kheiron’s use of AI for identifying tumours - a highly-regulated use case ([().

Some promising announcements in the budget, but £2bn is still being pulled from UK innovation via cuts to R&D tax credits. @leoringer spoke to the FT about it