Capital Call

This morning we sent out issue #46 of @CapitalCall_ — the weekly European VC digest, straight to your inbox. Want to stay on the pulse of what 🇪🇺 investors write every week? A thread with our picks this week 👇

I've made that point before: - LLM: 1E13 tokens x 0.75 word/token x 2 bytes/token = 1E13 bytes. - 4 year old child: 16k wake hours x 3600 s/hour x 1E6 optical nerve fibers x 2 eyes x 10 bytes/s = 1E15 bytes. In 4 years, a child has seen 50 times more data than the biggest LLMs. 1E13 tokens is pretty much all the quality text publicly available on the Internet. It would take 170k years for a human to read (8 h/day, 250 word/minute). Text is simply too low bandwidth and too scarce a modality to learn how the world works. Video is more redundant, but redundancy is precisely what you need for Self-Supervised Learning to work well. Incidentally, 16k hours of video is about 30 minutes of YouTube uploads.

(1) New Working Paper: the fundamental driver of growth in modern economies, Total Factor Productivity (TFP), is linear, not exponential. This is a paper I did not expect to write...

1/ My latest NL: a few notes, quotes & sources on revenue-based financing—and why Europe is lagging behind. Following a panel discussion yesterday w/ @henrik_grim of @GetCapchase & @joshbell of @dawncapital via @SaaStock (replay will be available soon). europeanstraits.substack.com/p/why-debt-cap…

2/ See what I wrote on the topic a while ago—in @Siftedeu: sifted.eu/articles/vc-fu… Cc @henrik_grim @joshbell @VincentTouati @_TheFamily @CapitalCall_ @EuropeanStraits

1/ Tomorrow I'm participating in a panel with some fantastic speakers together with @SaaStock & @GetCapchase. We will focus on why European SaaS founders should consider revenue-based financing rather than ever more equity capital. See you at 4pm CET! 👇 hopin.com/events/capchas…

Looking forward to the event and to learning more about your perspectives on this topic @Nicolas_Colin!

Just discovered @CapitalCall_ - great roundup of trending themes across EU investors. This week's issue featuring our own @lilymshaw and @CharlieRenzoni. bit.ly/3lnoG6D

A person called OwlKitty changed the Business Card scene from “American Psycho” to the guys showing each other pictures of their cats on their phones… and it could possibly be the greatest masterpiece ever 😂

Gradually unlocking @EuropeanStraits's paid content so that everyone can read and share. Here's an in-depth discussion of revenue-based financing, as part of my series on 'Diffracted Venture Capital' 👇 Cc @_TheFamily @vonsydow europeanstraits.substack.com/p/notes-on-rev…

European VC Digest: Healthcare. Unicorn Founders. Time-Variant Business Models. Retail Investors. GP Commits. capitalcall.substack.com/p/european-vc-… @CapitalCall_

European VC Digest: Healthcare. Unicorn Founders. Time-Variant Business Models. Retail Investors. GP Commits. capitalcall.substack.com/p/european-vc-… @CapitalCall_

Our founder op-ed about FFF-money got featured in our fav weekly newsletter highlighting what investors in European startups are thinking – @CapitalCall_ capitalcall.substack.com/p/european-vc-…

We're @WillyBraun @Nicolas_Colin @VincentTouati — you should subscribe if you want to stay on the pulse of European investors latest thinking. Straight to your inbox. Every week ✨

15/ Threads of the week: @nathanbenaich 🇬🇧 twitter.com/nathanbenaich/… @sharmadeanreid 🇬🇧 twitter.com/sharmadeanreid…

This morning we sent out issue #46 of @CapitalCall_ — the weekly European VC digest, straight to your inbox. Want to stay on the pulse of what 🇪🇺 investors write every week? A thread with our picks this week 👇