The document discusses trends impacting global venture capital, focusing on software's dominance, the millennial wave, and the economics of excess. It emphasizes lessons learned from case studies, advocating for transparency, core adaptation, and identifying global winners. The insights are aimed at guiding venture capital strategies in a rapidly evolving technological landscape.

1. OPEN
INNOVATION
UNCOVERED

2. Early stage global venture capital
3 Managing Partners, 8 Team Members
46 portfolio companies, 23 Impact Partners, 500+ co-investors
FRESCO TEAM
FRESCO IMPACT PARTNER
FRESCO PORTFOLIO

3. 3 Key Trends
Shaping the Future

4. 1. Software is Eating the World
Image credit: Wikimedia

5. 1. Software is Eating the World
Software still hungry
Hardware renaissance
Wetware wildcard
Technology

6. 1. Software is Eating the World
Technology Universe
Image credit: SpaceX

7. Image credit: The Oxford Group
2. Millennial Wave

8. 2. Millennial Wave
Age 0 – 18 1.8 Billion
Age 18 – 34 2.3 Billion
Millennial Wave 4.1 Billion
Data sources: BCG, EIU

9. 2. Millennial Wave
Technology “just works”
Social and vocal
Diverse

10. 3. Economics of Excess
Image credit: Getty
“There are two kinds
of companies –
those that work
to raise prices
and those that work
to lower them.”
- Jeff Bezos

11. 3. Economics of Excess
Exponential network effects
Extreme cost reductions
Economic consumer surplus

12. 3. Economics of Excess
Data source: WhatsApp
42 billion messages
sent per day

13. Reality Today
Technology Eating the Universe
+ Millennial Wave
+ Economics of Excess
= What’s Your Strategy?

14. Case Studies:
Don’t Do This

15. Theranos: Secrets Lead to ???
Image credit: Fortune
10 years stealth
No peer review
Core tech?

16. The Bank: True Anonymous Story
Launch an accelerator
Dysfunctional Internet banking
No digital data, yes paper mail

17. Case Studies:
This Works Better

18. Tesla: Ride the Cost Curve
Image credit: Tesla
Software + hardware
Battery cost curve
Open source

19. Change the culture
Adapt to reality
Networks
Microsoft: Reinvention
Image credits: Microsoft

20. Case Studies:
What We Do

21. Global venture capital
Diverse network
People first

22. Lesson 1

23. Forget stealth secrets.
Do this instead:
Ride the trends.

24. Lesson 2

25. Ignore the hype.
Do this instead:
Change your core.

26. Lesson 3

27. Stop local maximization.
Do this instead:
Find global winners.

28. “Being ignorant
is not so much a shame,
as being unwilling to learn.”
- Benjamin Franklin

29. fresco.vc
@tytusm