“The power law isn’t over—it’s evolving.” That’s just one of the sharp takeaways we received from Earnest Sweat after sharing our Exit Landscape 2025 report. Earnest’s reflections are a masterclass in clarity on where venture is heading: ➡️ You still need to back the mega-winner ➡️ You need to own the winner ➡️ Exits matter more than ever — not just paper marks We’re moving beyond the “home-run derby” toward a more nuanced model of return profiles: Cash-flowing M&A Concentrated alpha bets Thematic platforms with real liquidity optionality And when it comes to growth? AI-led productivity is the new headcount. Founders are leaning into leaner teams, more tooling — and yes, higher output. One final insight we loved: “M&A-as-R&D is going to explode — especially outside of tech — as public markets stay cautious.” Thank you, Earnest, for your generous lens and leadership. We’re grateful to have your voice on this. 📥 Download the full Exit Landscape here: https://lnkd.in/gMFifrRJ #VentureCapital #MergersAndAcquisitions #AI #ExitStrategy #GPsAndLPs #ProductivityEconomy #GrowthWarriorCapital #EarnestSweat #FutureOfVenture #PowerLaw
Earnest Sweat on the evolving power law of venture capital
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