Adnan Haider

Some interesting thoughts in the inexorable march forward of each AI generation, but also the limits to where AI really shines. In terms of repurposing exisitng content, there seem to be some real value adds here - but exactly how useful this 'professional' podcast really is remains to be seen.

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The Peak recently wrote a timely article on the changing Canadian seed funding landscape and Graphite Ventures' Aaron Bast notes a trend toward a renewed focus on capital efficiency and how companies are adjusting to smaller rounds. It's definitely getting more competitive for companies raising but we're still seeing solid founders building growth companies while being mindful of costs. #canadianfounders #startups #seedfunding https://lnkd.in/gkz856tz

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As an emerging manager from an underdeveloped ecosystem, I listened hard to how the Canadian government focuses on supporting emerging #venturecapital managers as the critical path to accelerate their ecosystem. They have been implementing a long term program to back emerging #VCs, and now a decade later, the results speak for themselves. 1. The Canadian venture capital ecosystem has grown significantly, with annual investments increasing from $1.9 billion in 2013 to $6.9 billion in 2023. 2. Canada ranks in the top five in terms of #VC investment as a percentage of GDP. 3. The Business Development Bank of Canada (BDC) is Canada’s most active single VC investor, managing over $4.2 billion in VC #investments. The BDC is also increasing VC investments to help increase diversity in the area, having recently launched its $500 million Thrive Venture Fund and Lab for #Women, the largest investment platform of its kind in the world. Like Valor VC does, funds managers selected under the VCCI are required to collect gender and diversity metrics, as well as implement policies and practices that promote #inclusion internally, in building their portfolios, and in the broader VC ecosystem. Minister Rechie Valdez shared: “Our government believes that anyone who has a dream of launching a #startup and bringing their innovative ideas to life should be able to do so, no matter who they are or where they come from. We’re helping make this a reality by making more capital available to VC firms, including those led by women and members of other equity-deserving groups. ... Supporting diverse and under-represented #entrepreneurs in the VC sector is not only the right thing to do; it is the smart thing to do and is essential to boosting Canada’s economy to its full potential.” Atlanta and the South are in the early days of becoming a top 5 ecosystem. There's a lot we can learn from our neighbors to the North--they also have the advantages and opportunities inherent in a diverse, multi-ethnic and even multi-lingual environment. I really enjoyed seeing excellence in action at this week's Kauffman Fellows summit. THANK YOU Canadian Fellows for these, and so many take aways from your world-class ecosystem: Alicia Lenis Ela Borenstein George Babu Joanna Harries Lesley Esford Mark Trevitt Michelle Scarborough Rob Barbara Shirley Speakman More details: https://lnkd.in/e5kgG4xt

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Earlier this week Texture, led by CEO & co-founder Sanjiv Sanghavi, announced its $7.5m seed round of fundraising with participation from Abstract Ventures, Day One Ventures, Equal Ventures, Lerer Hippeau, and a handful of angels. Dorothy Chang and I feel fortunate to count ourselves among the “handful of angels.” We didn’t invest just because Sanjiv is a close friend - though knowing him for over a decade has given us a lot of insight into his mind and how he operates. We invested for a lot of the typical reasons a VC would: Solving big problems with big potential returns - Venture investments only make sense if they have the chance to make massive returns. Texture is building the data infrastructure for energy networks - becoming a common data collection and sharing platform for every player in the energy grid, no matter the type of energy. There is already a huge gaping problem and a huge market here. Building for an inevitable future - On a macro level, as a society, we are moving more and more toward complex, interconnected energy sources as we optimize for the right balance of efficiency, sustainability and costs. Unique insight and founder-market fit - At a first glance, Texture seems like a big departure from what we originally knew Sanjiv from, as a Co-Founder of ClassPass. But since then, he has also played roles as the Chief Product officer at Arcadia, a successful energy data company (Arcadia’s CEO is also an investor in Texture) as well as an investor at Day One Ventures, investing in the energy/climate tech sector.  More details in this week's post: https://lnkd.in/eGBzXHwC

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It was great to speak with the Logic earlier this week and share Tidal Venture Partners perspective on the subject of fund domiciling strategy.  It may sound like we’re in the weeds on this topic, but the question of where to domicile is a growing conversation and consideration for many Canadian fund managers with big long-term implications for our innovation economy.  The challenge of Canadian companies remaining Canadian owned will only become more acute if more Canadian funds start to domicile in other jurisdictions.

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For the past two weeks, I've been on the road, traveling across Canada and the US, giving talks on the intersection of AI and biotech. On a philosophical level, I feel fortunate to work in a field that is transforming biology from a specialized craft into a standardized engineering discipline. This shift is incredibly exciting. Just as mathematics revolutionized physics by uncovering nature's rules, AI and machine learning are now deconstructing biology into an engineering science. On a professional level, computational techniques are becoming central to biotech and healthcare startups, enabling close collaboration with domain experts. This transformation compels us to rethink resources, cloud infrastructure, access models, business models, and care paradigms. It's an exhilarating time for innovation and change. On a personal level, I’ve been overwhelmed by the large, diverse crowds of professionals attending my talks. They range from recent graduates from top-tier universities to mid-career and senior professionals from various technical and social backgrounds, all seriously considering careers in this space. Yes, there is hype. It takes effort to discern which companies are genuinely substantive. However, we have made significant progress, often led by quieter yet impactful startups. Yes, data silos are a problem. However, we are seeing leaders from government, academia, industry, and the private sector work together to unlock that access in an ethical and safe way to support advances. Stay tuned for some exciting news I'll be sharing soon :) #synbio #bioengineering #compbio #startups #biotech #venturecapital #artificalintelligence #AI #ArtificialIntelligence #Innovation #AICommunity #StartupEcosystem

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The AI hype bubble is almost over. When investors refused to fund new AI startups because they know they’re going to fail, then the AI hype bubble is starting to fail. Even the most clueless, Investors now know that this is a bubble waiting to burst like the metaverse bubble and the dotcom bubble. And nobody wants to be left, holding the back on this bubble. The era of free money iis over with interest rates sky high. When big tech companies are losing money on AI and the bigger AI startups are demonstrating that they are all dead and struggling to even have revenue, then no one is interested in funding, smaller AI startups that they don’t believe will be profitable anytime soon. People aren’t waiting for an AI unicorn to break out. They are waiting for Microsoft, Google, Amazon, and similar to start buying distressed AI startups. Collapsing companies and minimal paths to profitability doesn’t help a space that was already overhyped. Don’t forget in all this mess that the unfortunate reality is that engagement and retention don’t match installs and downloads. What I mean by this is the most basic of mobile tracking were ignored. You don’t judge success in the mobile market based on downloads or installs, but rather based on retention and engagement. What this means is, it’s not actually impressive for OpenAI to get to 100 million users quickly if 2% of them retain. The question is not how many people signed up for a free account. The question is how many monthly active users and daily active users do AI startups like OpenAI, Anthropic, Perplexity, Stability, and others have. And how many are paying customers? And what we are finding is that retention is in low single digits. The reality is that AI startups are getting users the way that mobile free to play did. And they haven’t found a way to actually make money on that. Don’t ask an AI startup how many users signed up. Ask them how many DAUs and MAUs they have. Ask them what their ARPDAU is. What you will find is that every number is low. AI startups have no idea how to do monetization, and they don’t have regular active users in any volume. What this points to is that they’re all going to fold or get bought.

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My two worlds merged. Thrilled to welcome my Harvard Business School faculty colleague, Ebehi I., to NEXT Canada. Ebehi is visiting NEXT to evaluate our 15 years of founder data. NEXT has 1,200 global alumni who have launched over 500 ventures, raised over $4 billion of equity capital and created more than 5,000 jobs. We have achieved great things and are looking forward to seeing what Ebehi discovers. Ebehi and I also taught a class to the current NEXT cohort on business model design through the lens of Drew Houston at Dropbox. We discussed why are certain business models worth substantially more than others? What is product market fit and how do you know when you are ready to scale? We also discussed testing, experimentation and what makes for a strong entrepreneurial manager. Finally, Ebehi led a fascinating conversation on judgement and commitment. Thanks for coming, Ebehi! 

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Two years ago Cameron and I spun out Spearhead Corp Dev from Firepower. With a new identity came a new set of values to live by. We picked 6. We picked well: they have stood the test of growth and the test of time. They are one of the few things that haven’t changed over the past 2 years. Except for one: “Act like an owner”. By that, we meant: “Be accountable to the commitments you make; the responsibilities you take on; and the relationships you build. Deliver against the odds, against the obstacles or challenges that may get in your way.” And it’s been incredible to help our entire team adopt this mindset and approach, and help them see what is possible. That said. All the buzz around #foundermode over this past weekend led me to challenge our use of the word “owner”. Reading the piece by Paul Graham, the co-founder of Y Combinator, that set off socials on fire, it’s clear that “Act like a founder” is what we truly meant. Graham cited Brian Chesky of Airbnb, who said: “The less hands-on I was at Airbnb, the more I got sucked into problems. And by the time I got sucked into a problem, it was like 10 times as much work.” Instead, he decided: “I’m going to be involved in every single detail. And Airbnb is not going to do anything more than I can personally focus on.” Founder mode is exactly, precisely, absolutely on point. This restated value means to guide our team to approach their day to day with the same oompf as the legendary hands-on founders whose names are tied to founder mode (Steve Jobs, Mark Zukerberg, Tobias Lütke, Elon Musk, Patrick Collison, Jeff Bezos, to list a few). By contrast, a lot of owners are passive; often, they are just capital. Nothing wrong with that, to be clear—we simply want to align our corporate values to where they have the most impact, which is with Moritz, Daniel, Hunter, Kimberly, Bobby, Feargal, Thomas, Abdus-Samad, Aianna, and their teams. I’m absolutely jumping on that bandwagon. Get me the merch.

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💡 Why Every New Founder Needs to Hear This: Real Talk About the Highs and Lows of Entrepreneurship I had an amazing time on the latest episode of Collisions YYC with Jade Alberts and Tyler Chisholm! There’s something truly special about having real conversations with these two—discussing both the highs and the lows of being an entrepreneur. 🎢 In this episode, we dive deep into what it really takes to navigate the rollercoaster of startup life—how to manage those big wins, like landing a new client, and how to push through the tough moments, like missing payroll. We shared some hard-earned lessons on avoiding the common mistakes founders make, staying grounded through the chaos, and most importantly, knowing when to keep going and when it’s time to pivot. 🌱 For all the new founders out there: This journey isn’t easy, but it’s totally worth it. Prepare yourself for the challenges, and keep in mind that the highs and lows are all part of the adventure. 🚀 🎧 Tune in to hear these raw, real, and invaluable insights from Team Awesome: https://lnkd.in/e6CKrASG 💬 I’d love to hear your thoughts—what challenges have you faced as a founder? And how did you know when it was time to pivot or keep pushing through? #TeamAwesome #KeepBeingAwesome #Koridor #Entrepreneurship #FoundersJourney #CollisionsYYC #StartupLife #YYCFounders

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An exploding market that demands more attention: Women’s Health & FemTech. Women’s healthcare products and services are tracking to become a $1 Trillion global market by 2027. The menopause sector has grown by 74% in just the last 5 years. Historically, this hasn’t been the case. As of 2018, only 4% of R&D funding went to FemTech. According to McKinsey and Pitchbook, 0.1% of all Femtech funding went to menopause management and only 7% of Femtech companies address menopause care. Lack of awareness and education have long been barriers to funding and innovation: • Most OBGYN residents receive less than 4 hours of menopause instruction. • Women experiencing menopausal symptoms either don’t realize it or are dismissed when they express them. • HRT (Hormonal Replacement Therapy) is an effective treatment, but its risks have been misrepresented, stifling its popularity. It’s an injustice. And a missed opportunity: • Women control 80% of healthcare spending in the US • Women spend 25% more of their life in poorer health than men. Now? With transparency on social media and increased self-advocacy, the trend is changing. Influencers and celebrities opening up about their menopause journeys on social media have helped demystify what women experience, and what can support them through it. Real symptoms – hot flashes, insomnia, vertigo, fatigue, arthralgia or myalgia, headaches, palpitations, and more – are being validated and treated. Innovators in this space have an edge: While customer acquisition is relatively harder, customers tend to be stickier. For example, Otsuka’s acquisition of Bonafide in Nov 2023 was a strategic move to acquire a smaller company with great IP and a trusted brand. These are a few more interesting players in the menopause sector: • Embr and Moona, focusing on sleep management • Mina Health and MBody, for self-testing and wellness • Gennev, for virtual care Brands like these will play a role in transforming how we address pivotal care for women. My takeaways: The conversation around menopause and women's health is changing. It's time for innovators to step up and meet the growing demand.

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New experiment and data show how business leaders use generative AI. If you don’t, or doesn’t train your employees on how to use AI properly, they are already less productive but mostly, might may make errors that harm the bottom line.

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I recently had the chance to chat with Bernie Li from Antler, and I have to say, I’m incredibly impressed by what they’re doing for entrepreneurs. Antler isn’t your typical VC. They’re redefining the way startups are built and supported, and it’s inspiring to see how their approach sets them apart. Antler doesn’t just invest in startup. They help create them, through a residency program for individuals and accelerated program for teams. They work with founders at the earliest stages, even pre-idea, to connect them with co-founders, refine their concepts, and build scalable businesses. It’s not just funding; it’s a true partnership with guidance, resources, and a global network designed to accelerate growth. What stood out most in my conversation with Bernie is how Antler focuses on the people. They prioritize founder potential over polished ideas, betting on talented, driven individuals who are ready to solve big problems. That kind of belief in entrepreneurs—especially at such an early stage, is rare and refreshing in the world of venture capital. For anyone with a dream of launching a startup but unsure where to start, Antler might just be the push you need. If you’re curious about how they’re shaping the future of entrepreneurship, check them out. https://www.antler.co #Entrepreneurship #Startups #VentureCapital #Innovation #Leadership

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I have always enjoyed attending Voyager Capital’s events, and the “Commercializing Quantum” session was no exception. Voyager Capital’s partner, Austin Guyette, expertly moderated a conversation with Michael Piraino, COO of ORCA Computing, and Megan Lee, Managing Director for Quantum City at the University of Calgary. My top three takeaways are: 1. Quantum computing technology is progressing rapidly, and companies lagging behind could find themselves at a significant disadvantage. 2. It is crucial to focus on current use cases with a proactive rather than reactive approach. 3. Once companies implement quantum computing and demonstrate measurable advantages, it will spur competitors to adopt the technology to avoid being left behind. This event was both insightful and thought-provoking. #QuantumComputing #TechInnovation #FutureTech #IndustryInsights #venture

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THIS is one of the best analyses I've read on the VC ecosystem as of late. While John Rikhtegar spends the report covering the Canadian ecosystem, I find it as useful - and lots of parallels to the US VC ecosystem and where LP dollars went - for the broader global economy. It's a longer read, but I promise, worth every minute. Some of the notes that stuck out most for me: 1/ 50% of the past decade's exit values were generated in 2020 and 2021. Great liquidity for LPs, but that forced LPs to have an unprecedented amount of capital to redeploy, which made them redeploy quickly to VC, but caused a vacuum and left 2023 and 2024 years far drier for GPs fundraising in market. 2/ From peak in 2021/2022, there's been a 76% drop in exit value in the Canadian ecosystem, 85% drop in Canadian VCs fundraising, and a 77% drop in capital Canadian VCs invest into the ecosystem. 3/ The median exit age of for the top 50 Canadian companies is 12 years. The median time between first financing and its exit for the top 50 is 8 years, leaving a median time of 4 years from a company's founding to their first financing. As such, if a Canadian VC's deployment period is 4 years, it's right to assume as an LP, that you're not going to see the end of the fund till 12 years after you invest. Even if the GP pitches a 10-year fund. 4/ Not all exits are created equal. The top quartile of top 50 exits raised more capital than the lower quartile. The median exit capital efficiency for Canada's top 50 companies for was 7.7X. Meaning the median company exited for $7.70 on every $1 they raised. 5/ Median US exit values are 2X Canada's. That said, Canada is catching up. In the past decade, the US produced $2.6T in exit value, compared to Canada's $56B, only a 46X. Lowest delta on record.

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Two weeks ago, I announced an upcoming series of posts from Ardent Venture Partners covering the firm's perspectives on enterprise adoption of generative AI. My first post discussed the infrastructure layer; foundational models. dan preiss continues the series this week, writing about the shift from traditional enterprise software to building bespoke and custom instances and the causes of this trend. In short, • AI-powered software development tools, no-code platforms, and AI agent engineers are making custom software development more accessible, potentially flipping the build-vs-buy dynamic in enterprise software. • Off-the-shelf software will evolve into "malleable" solutions, easily customizable by end-users — driven by embedded AI. • Enterprises will increasingly prioritize custom solutions for niche use cases, reallocating budgets toward AI-driven tools that better address specific business challenges. A link to the post is in the comments.

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My recent conversation with DeepaSwamy, Global Head of Data, AIML & Analytics at Forge and Roey Dor, Founder and CEO at Obligo, highlighted many ways AI is creating tangible impact in financial services: Deep insights into previously opaque data, fast and accurate predictions, precise risk assessment, individualized pricing, increased transparency and trust. These advances are enabling more informed decisions and new financial options and opportunities. All great examples of how AI and ML innovations are driving positive changes in financial services.  #AI #ML #FinancialServices #Innovation

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Compute is a major pillar for AI. Should countries breed their own champions or yield to US dominance? Earlier this summer, the Canadian Government launched a consultation to inform their strategy to invest $2B in compute for AI. Leah Elizabeth Morris and David Katz shared a great summary of Radical Ventures' position below ⬇ Key message that I fully agree with: "Subsidies should prioritize Canadian headquartered AI startups and scale-ups building and commercializing AI technologies rather than the suppliers (chipmakers, hyperscalers, data centre operators), enabling free market forces to further strengthen the Canadian AI ecosystem." See here: https://lnkd.in/gVizfQGx Having said that, I do believe there is an opportunity to support specialized Canadian hardware providers. Eric Flaningam recently shared the graphic below. Currently the hardware space is totally dominated by the US (80%+), but that space is still emerging and we do have potential champions here as well ... Found this valuable? 🔖 Save for quick reference ♻️ Repost to share the knowledge 🔔 Follow Patrick Tammer for insights on AI for business leaders Untether AI D-Wave Tenstorrent WEKA #AI #Compute #Infra

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