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<ul class="summary-list"><li>Olivia Gaudree started working at Fuel Venture Capital as an intern in her early 20s.</li><li>She worked her way up the ranks and became a partner in under seven years at 28.</li></ul>This as-told-to essay is based on a transcribed conversation with Olivia Gaudree, a 28-year-old partner and VP of Operations at Fuel Venture Capital. Business Insider has verified her employment. The following has been edited for length and clarity.I grew up in an entrepreneurial family. My parents work at a family catering restaurant they've run for 30 years. They started a few businesses when I was a child and openly discussed the ups and downs of their businesses' operations.I knew I wanted to do something in business. I thought internships would help me figure out what.I got an internship at a local hedge fund in highschool. I worked there for two summers and one school year.I attended Florida State University and majored in finance. In 2017, my junior year of college, I had a summer financial internship at Thomson Reuters in New York.Those were formative summers for me. Through my exposure as an intern, I learned I liked working with a smaller team, where I had a lot of responsibilities and more creativity, versus a bigger investment house where everyone stays in their lane.I noticed there are ways to move up the corporate ladder at a bigger firm, but maybe not as quickly as at a younger, smaller firm.<h2 id="26c27631-144f-4aad-b290-8f95876eeb4d">Networking helped me land my job in venture capital</h2>At my high school hedge fund internship, I met Maggie Vo, now the managing general partner at Fuel Venture Capital, and got to know her well.I made a point of maintaining the relationship at college. I updated her on my progress and asked about hers.Maggie saw that I was willing to learn quickly and had the work ethic to contribute to the firm. She offered me an internship right after I graduated from college.Connecting with people in venture capital and maintaining those connections is imperative for young people. When you don't have quantitative metrics to prove your worth, industry connections can help. Reaching out meaningfully, even once a quarter, makes relationships warmer.<h2 id="d80906a1-7251-4830-9016-5b91f5bbfaab">Why I chose VC over investment banking and financial services</h2>At the time, I was considering opportunities in investment banking and financial service firms and was fielding full time offers.I chose Fuel because I would work with the investment side and directly with the founders. You don't often get exposure to both sides in a larger firm.When I joined Fuel in 2018, it was a small team of managers with one fund. I could work directly with senior leadership and access all the different parts of the business.It was also a rare opportunity to get into VC early.The typical path into VC starts with working a few years in investment banking, then a few years in a small private equity firm, and then you get a chance at VC. It can take 10 years. The alternative is to get an internship early, prove yourself, and work your way up.These days, there are more early opportunities. Some firms offer entry-level positions within the investment team, but they aren't common. Firms usually want to see that background before coming into VC.<h2 id="3b8bc890-7a6a-4da0-b3cb-bab35ee2a118">I worked my way up from intern to partner in under 7 years</h2>Fuel offered me a full time role three months after I started as an intern at 22. I then worked my way up through several more analyst roles.In the early days, I worked alongside Maggie on the investments team. I tried to absorb as much information as possible from meetings.I was working on decks, putting together due diligence packages on potential portfolio companies, and working on internal processes.I had to work harder since I didn't come to VC from the traditional investment banking path. For the first two years, I immersed myself in the industry, reading as much as possible and listening to industry podcasts.Now, I've done everything from refilling the printer to facilitating successful exits.You need to make yourself indispensable and understand every aspect of the business to thrive. Learning how to communicate effectively with everyone — founders, investors, and colleagues — was especially crucial.One easy, surefire way to move up the ranks is to know what your boss wants and, if possible, meet them there.When I first started as an intern, I also worked directly with Jeff Randsell, Fuel's founding partner. I noticed that he'd spent 25 years working his way up at Merrill Lynch. Because he'd been exposed to that cutthroat environment, I always made sure to be the last person to leave the office. He didn't say this was an expectation, but I hoped he'd recognize my hard work. I think it ultimately contributed to my getting a full time position at Fuel.<h2 id="6b480740-0c25-42a2-9afd-640b460a9dca">I shifted roles and got promoted to partner</h2>An opportunity to move on to operations arose in 2022. I never saw myself in operations because I thought it was a paperwork, back-office role. But it felt like a natural progression in my career, and I still got to work with founders and investors — now I'd understand even more about the business.Coming into the operations side, I had a good macro view of the firm I'd built up in my first four years.In this role, I work with third-party partners, run the audit process, and work directly with the tax and legal teams. I'm also involved in the investment side but with compliance. I even learned how to form a fund from the bottom up.I was promoted to partner,which was very important.<h2 id="d7507795-b2ba-4968-8b0f-430ba4120462">I've put in 110% effort to make it as a woman in VC</h2>With most jobs in finance including VC, there are fewer women at the table. You have to prove yourself and overcome implicit bias when you're a woman or a minority.I account for this by putting in 110% effort and a lot more planning and preparation to ensure I'm viewed as equal to everyone around me.Switching gears and interacting with a stressed founder and then a member of the tax team has been valuable to my career progress. The women I work with are very good at balancing many different things simultaneously. They are also observant and ask hard questions.These skills were especially useful in 2021 when founders went from capital exuberance to more scarcity. Everyone found this challenging.<h2 id="9be33f2f-2918-4b52-9330-3a9e63106dc0">VC means long hours, but it's fulfilling</h2>It's an 80 to 100-hour workweek industry. You have to enjoy the work. If not, it will be miserable.VC has turned out to be a great fit for me, and it's a career path I'm fully committed to.My entire journey has been so fulfilling with Fuel. I've seen founders' growth trajectories and how that's positively impacted all the people they employ and the generational wealth they're creating for their own families.While numbers heavily drive VC, it's also about gut instinct, relationships, and networking. You have to have intuition and move on it. It's not about waiting for direction. While you learn along the way, curiosity, and emotional intelligence are essential at the entry level.

I broke into venture capital at 22 and became a partner by 28. I learned one easy, surefire way to move up the ranks.

<ul class="summary-list"><li>When Charlotte Page left college, she worked remotely and struggled to make friends.</li><li>Ballroom dancing has given her a social life and improved her physical and mental health.</li></ul>This as-told-to essay is based on a conversation with Charlotte Page, a 24-year-old venture capitalist and affordable housing worker based primarily in Florida. It has been edited for length and clarity.When I was at college at <a target="_blank" class="" href="https://www.businessinsider.com/meta-ray-ban-glasses-facial-recognition-demo-students-2024-10">Harvard</a>, I socialized at least three nights a week. But once the COVID lockdowns hit and I entered the workforce, that dropped down to zero.I loved my job as a venture capitalist, but I started spending a lot more <a target="_blank" href="https://www.businessinsider.com/boomers-gen-z-experiencing-happiness-loneliness-at-the-same-time-2024-6">time alone than was healthy</a> for me. Most of my friends were from work, but we weren't often in the same place or able to socialize together because we worked remotely.At the start of this year, I was living in New York City, and it was really challenging to find spaces to <a target="_blank" href="https://www.businessinsider.com/loneliness-making-friends-companionship-time-alone-2024-6">make friends</a> because so much of my work was online. It was quite isolating.When one of my college friends, who also lived in New York, took up dance, I went to see her compete. It seemed really fun and a great way to <a target="_blank" href="https://www.businessinsider.com/how-to-make-new-friends-as-an-adult-arranged-friendships-2023-7">develop a friend group</a>, so I decided to try ballroom dancing.It completely changed my life and experience of living in New York because it gave me a sense of community and a <a target="_blank" href="https://www.businessinsider.com/loneliness-epidemic-decline-in-third-places-friends-parks-community-2023-9">third space</a>. I found an activity that met not only my physical need to move daily, but also my need to socialize for my mental health.<h2 id="bd988863-08aa-4e71-b355-aedda9f8a5e3">I was nervous to start dancing, but it's such a welcoming activity</h2>There's something inherently vulnerable about <a target="_blank" href="https://www.businessinsider.com/mom-shares-joy-taking-a-new-hobby-alongside-her-kids-2023-5">trying something new as an adult</a>, and my gut was telling me: "You're making a mistake, you're going to mess it up."And because I'm plus size, I feared people wouldn't want to dance with me and worried about what to wear. But I quickly realized that I didn't need to worry. There were people of all body types in the class, and even if I had shown up in sneakers and jeans, I would've been OK.There are a lot of <a target="_blank" href="https://www.businessinsider.com/i-tried-to-learn-a-new-tiktok-dance-every-day-2020-3">dance styles</a> that aren't best suited for adult beginners, but ballroom isn't one of them. Everything's so adaptable. You can make all the steps more simple, or wear socks to help you slide better. You can do ballroom dancing if you're in a wheelchair, too.Most people start as adults, so everyone remembers how it feels to be a beginner, and wants you to feel really welcome. In the first group class I did, people were like, "Oh my goodness, I haven't seen you here before. Is this your first group class? How did you start? Who was your introductory lesson with?"<h2 id="dcc0e565-18bb-4401-b290-a2317cad9c36">I made friends quickly, even some best friends</h2>I made friends in probably two or three weeks. Everyone was very friendly, and if anything, it was me who took a little longer to feel comfortable in classes and chatting with people. But you start to see a lot of the same faces again and again, and in each class, you change partners as you're rotating around the room, so you're going to meet everybody there pretty much.Dance classes lend themselves to socializing outside the studio, too; people would suggest going for coffee before a morning class, or brunch, drinks, or dinner afterward.It was my birthday about a month after I started dancing, and 15 or so people from the studio planned a dinner for me to celebrate after having only known me for a few weeks. That felt really special.Ballroom dancing has made such a difference in my life and helped me find <a target="_blank" href="https://www.businessinsider.com/work-friends-are-over-remote-jobs-gen-z-relationships-pandemic-2024-6">friends outside work</a>. I met one of my best friends, who's in his forties, and my business partners through dance. We've set up our own dance studio in Florida, <a target="_blank" class="" href="https://www.starpointdancesport.com/">Starpoint Dancesport</a>.<h2 id="64211743-f73f-4996-b999-b08101fb1928">Dancing is physically and mentally challenging — which I love</h2>Dancing is such a fun, <a target="_blank" href="https://www.businessinsider.com/low-impact-workouts-burn-most-calories-2018-10">low-impact physical activity</a>. Being able to move after a long day of sitting at work and really let loose is just so nice. I would 100% say moving consistently has helped my health. I used to have knee pain which has improved so much, and my posture has completely changed.It's also mentally challenging, which I love. I have ADHD, and so the fact that I can be doing something with my body while also using my brain brings me such peace.It's pretty much 45 minutes where you have to have a good time. You're listening to fun music, you're learning something cool, and you're moving your body, so you leave feeling great even if you walked in feeling really bad. And as someone who is prone to depression, having that everyday release that gives me a dopamine hit really did change my life.My life is 100% better now. I have better friendships and even my romantic relationship with my partner has improved a ton. Finding fulfillment outside our relationship helped us feel more fulfilled inside it, too.As someone who's incredibly busy, having something that helps both my mental and physical health and provides socialization in one was perfect for me.

I'm a Gen Z venture capitalist who felt lonely working from home. I started ballroom dancing despite feeling nervous and it changed my life.

<ul class="summary-list"><li>Before he was the vice president-elect or a senator, <a target="_blank" class="" href="https://www.businessinsider.com/trump-vice-president-jd-vance-career-facts-2024-7">JD Vance</a> was a venture capitalist.</li><li>He maintains ownership stakes in several funds, according to his disclosure forms.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/election-results-congress-historic-firsts-2024-11">JD Vance</a> is a man of many careers: attorney, author, senator, vice president-elect, and, perhaps less well-known, venture capitalist.For about six years between graduating from law school and becoming a United States senator from Ohio, Vance held various positions in the space before eventually starting his own fund, Narya Capital.Over his career, Vance has been involved in investments across a broad range of business areas. Through Narya, he continues to hold a portfolio of investments in several startups, though he gave up his role as a partner there in 2022 and doesn't actively run or advise any of the companies.<h2 id="4b0a6db6-89d6-4a96-93e8-e561475e4b10">Vance's early VC career</h2>After a brief stint at a now-defunct biotech startup, Vance got a job at his benefactor <a target="_blank" href="https://www.businessinsider.com/peter-thiel">Peter Thiel's</a> venture fund Mithril Capital.He went on to work as a managing partner at <a target="_blank" class="" href="https://www.businessinsider.com/rise-of-the-rest-steve-case-jd-vance-2018-1">Rise of the Rest</a>, part of Steve Case's Revolution venture firm. The fund's mission is to invest in companies outside major tech hubs — New York, Silicon Valley, Boston — and Vance, whose outsider persona was cemented by his memoir <a target="_blank" class="" href="https://www.businessinsider.com/jd-vance-hillbilly-elegy-transformation-trump-vice-president-2024-7">"Hillbilly Elegy"</a>, was <a target="_blank" class="" href="https://www.businessinsider.com/jd-vance-venture-capital-opioid-nonprofit-tech-record-ohio-senate-2021-8">seen as a perfect fit for the fund</a>.Vance was active in a number of deals for the firm, including leading investments in storage-sharing startup Neighbor, agtech company AppHarvest, and AI outfit Pryon, Rise of the Rest confirmed.<h2 id="114f37cf-0035-49cd-8b40-1bd02d5bdb6c">Vance co-founded Narya Capital in 2019</h2>After two years, Vance broke out on his own, cofounding <a target="_blank" href="https://www.businessinsider.com/hillbilly-elegy-jd-vance-launches-vc-fund-backed-by-thiel-2020-1">Narya Capital</a> in 2019 with investments from Thiel, former Google CEO Eric Schmidt, and VC veteran Marc Andreessen.Vance still owns pieces of the funds that he helped advise. According to his vice president and senate disclosure forms, he has a stake in Narya Capital Fund I, Narya Capital Fund II, and Rise of the Rest Seed Fund.His stake in Narya Capital Fund I is worth between $500,001 and $1 million. His holdings through Narya's Capital Fund II and the Rise of the Rest's Seed Fund are smaller, worth as much as $15,000 and $250,000, respectively, according to his disclosure forms.Through all three funds, he holds a portfolio of investments in dozens of startups. He doesn't actively run or advise any of the companies, and gave up his role as a partner in Narya in December 2022 after winning his senate seat, according to disclosure forms.It's not entirely clear which Rise of the Rest companies Vance has a stake in. The fund has two $150 million investment vehicles and did not disclose which portfolio companies are in which fund.Narya, meanwhile, has only completed one fundraise so far — its $120 million Fund I. The fund has a dozen active investments, according to its website, and because Vance has a stake in the fund, he technically owns a stake in each.The companies vary in their mission: One is a gene therapy company founded by Vivek Ramaswamy's brother, while another is a Catholic meditation and prayer app. Thiel, one of Vance's mentors, is listed as a separate investor in many of the companies, per PitchBook.Some are the type of companies that could work with the government.True Anomaly, an aerospace company for which Narya participated in two rounds of funding, <a target="_blank" class="" href="https://www.trueanomaly.space/newsroom/true-anomaly-selected-for-30m-space-systems-command-contract-in-support-of-victus-haze-tactically-responsive-space-mission">won a $30 million government contract</a> from the US Space Force in April. ValueBase, a property valuation software, lists local governments among its customer base on its website.Nayra has had two exits: <a target="_blank" class="" href="https://www.businessinsider.com/what-is-rumble-conservative-video-youtube-competitor-joe-rogan-2022-2">Rumble</a>, the conservative-leaning social video platform that went public in 2022, and AppHarvest, which went public in 2021.Criminal conflict of interest laws do not apply to the president and vice president.Luke Schroeder, a spokesperson for the vice president-elect, said that Vance has complied with all required disclosures and is not directly involved in the funds.<h2 id="883278a9-d442-4e81-aeb4-b282861515b7">Here are Narya's current portfolio companies</h2>Deal details, unless noted with a comment from the company, come from PitchBook.<table style="width: 652px"></colgroup></colgroup><tbody><tr><td>Company</td><td>Industry</td><td>Deal Description</td></tr><tr><td colspan="1" rowspan="1">AcreTrader</td><td colspan="1" rowspan="1">Farmland investment</td><td colspan="1" rowspan="1">Narya contributed to AcreTrader's $12 million Series B round in 2021. "Senator Vance has no involvement in AcreTrader's operations or strategic direction," the company said.</td></tr><tr><td colspan="1" rowspan="1">AmplifyBio</td><td colspan="1" rowspan="1">Biotech</td><td colspan="1" rowspan="1">Narya took part in the company's $200 million, early-stage investment round in 2021.</td></tr><tr><td colspan="1" rowspan="1">Atomic Industries</td><td colspan="1" rowspan="1">Manufacturing</td><td colspan="1" rowspan="1">In 2023, Narya contributed to a $16.5 million early-stage round.</td></tr><tr><td colspan="1" rowspan="1">Branch</td><td colspan="1" rowspan="1">Insurance</td><td colspan="1" rowspan="1">Narya took part in Branch's 2022 $147 million Series C. During his time at Rise of the Rest, Vance led an investment in Branch.</td></tr><tr><td colspan="1" rowspan="1">Chapter</td><td colspan="1" rowspan="1">Medicare advisory</td><td colspan="1" rowspan="1">Narya contributed to three of Chapter's fundraising rounds: A 2021 $17 million Series A round, 2022 $42 million Series B round, and 2024 $50 million Series C round. Peter Thiel is also an investor in Chapter.</td></tr><tr><td colspan="1" rowspan="1">Hallow</td><td colspan="1" rowspan="1">Religion</td><td colspan="1" rowspan="1">Narya invested in Hallow's 2021 $40 million Series B round."We worked with another partner at the fund on the investment - not with JD at all," Alex Jones, Hallow's CEO, told BI. Thiel is also an investor in Hallow.</td></tr><tr><td colspan="1" rowspan="1">Kriya Therapeutics</td><td colspan="1" rowspan="1">Gene therapy</td><td colspan="1" rowspan="1">Narya contributed to three of Kriya's funding rounds, including a $87.6 million Series A in 2020, $100 million Series B in 2021, and $430 million Series C in 2023. Kriya Therapeutics is founded by Shankar Ramaswamy, the brother of Vivek Ramaswamy.</td></tr><tr><td colspan="1" rowspan="1">Realm Alliance</td><td colspan="1" rowspan="1">Security services</td><td colspan="1" rowspan="1">Earlier this year, Narya took part in Realm Alliance's seed round.</td></tr><tr><td colspan="1" rowspan="1">Strive</td><td colspan="1" rowspan="1">Asset Management</td><td colspan="1" rowspan="1">Narya invested in Strive's $20 million seed round in 2022 and $30 million Series B earlier this year. Thiel is also an investor in Strive.</td></tr><tr><td colspan="1" rowspan="1">True Anomaly</td><td colspan="1" rowspan="1">Space</td><td colspan="1" rowspan="1">Narya contributed to True Anomaly's $100 million Series B in 2023 and $17 million Series A in 2022. The company won a contract from the US government earlier this year.</td></tr><tr><td colspan="1" rowspan="1">ValueBase</td><td colspan="1" rowspan="1">Property valuation</td><td colspan="1" rowspan="1">Narya took part in ValueBase's $6.3 million seed round earlier this year.</td></tr></tbody></table>

Before politics, JD Vance had a career in venture capital. Here are the startups he's invested in.

<ul class="summary-list"><li>Chick-fil-A has just announced a new franchise opening in Singapore — its first Asian venture.</li><li>The fast-food chain said it plans to invest $75 million in Singapore over 10 years.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/what-it-costs-to-open-a-chick-fil-a-2016-1">Chick-fil-A</a> has announced plans for a restaurant in Asia, set to open in Singapore in late 2025.In a <a target="_blank" class="" href="https://www.chick-fil-a.com/press-room/announcing-expansion-in-singapore">press release</a> on Thursday, the fast-food chain said the restaurant's opening is part of a 10-year-long, $75 million investment into Singapore.The restaurant will be Chick-fil-A's first venture into the Asian market."The profound love that Singaporeans have for food as well as the city's strategic position as a gateway to the Asian market make it the ideal choice for Chick-fil-A's first permanent Restaurant in the region," Anita Costello, Chick-fil-A's chief international officer, said in the release.Chick-fil-A held a three-day pop-up event in Singapore in June, where people on the island got to try the food.The brand is also accepting Singaporean applications to be the island's "first independent Chick-fil-A franchise Owner-Operator."When contacted for comment, a Chick-fil-A representative told Business Insider that the brand "recognizes the great potential of international growth.""We look forward to future expansion in Europe and Asia in 2025, with plans to open restaurants in additional international markets by 2030," the representative said.Chick-fil-A reported <a target="_blank" class="" href="https://www.forbes.com/sites/pamdanziger/2024/08/22/how-chick-fil-a-will-claw-its-way-back-to-number-one-in-fast-food/#:~:text=Now%20nearing%203%2C000%20locations%2C%20Chick,from%20its%20franchise%20disclosure%20documents.">sales</a> of nearly $22 billion in 2023. And the average Chick-fil-A franchise made <a target="_blank" href="https://www.businessinsider.com/what-it-costs-to-open-a-chick-fil-a-2016-1">$9.4 million in sales</a> that year.People who want to open a new restaurant must pay a $10,000 franchise fee, but the company told Business Insider it doesn't require candidates to meet a threshold for net worth or liquid assets.Chick-fil-A follows the likes of other big American food brands that have landed on Singapore's shores.When burger chain <a target="_blank" class="" href="https://www.businessinsider.com/shake-shack-review-first-time-visit-burger-fries-shake-photos-2024-4">Shake Shack</a> opened its first highly anticipated store in Singapore's Jewel Changi Airport in 2019, a snaking line had to be split into four barricaded zones.Singaporean fans of the chain started queuing some six hours before the doors opened, <a target="_blank" class="" href="https://www.channelnewsasia.com/singapore/foodies-queue-shake-shack-jewel-changi-airport-886976">Channel News Asia reported</a>.Baked goods company <a target="_blank" class="" href="https://www.straitstimes.com/life/food/cinnabon-softs-launches-at-raffles-city-on-tuesday-and-wednesday-opens-thursday">Cinnabon</a> and Canadian coffee chain <a target="_blank" class="" href="https://www.straitstimes.com/life/food/canadian-cafe-chain-tim-hortons-opening-at-vivocity-on-friday">Tim Hortons</a> also opened in 2023, with both seeing long queues and high demand.

Chick-fil-A is cooking up a $75 million plan for chicken domination in Asia — starting with Singapore

<ul class="summary-list"><li>Katie Vasquez landed her first venture capital job at 23 years old.</li><li>She said people who want a career in VC should leverage their network for opportunities.</li></ul>This as-told-to essay is based on a conversation with Katie Vasquez, a 26-year-old investor at Calibrate Ventures based in Santa Monica, California, on her experience working in venture capital. The following has been edited for length and clarity.I'm an investor at Calibrate Ventures, an early-stage deep-tech <a target="_blank" class="" href="https://www.businessinsider.com/venture-capital-us-election-data-contributions-2024-10">venture capital</a> firm.The path that led me here was somewhat unconventional. My educational background is in astrophysics, but I've also dabbled in entrepreneurship and worked in consulting.I eventually got my first <a target="_blank" class="" href="https://www.businessinsider.com/venture-capital-jobs-vc-recruiter-tips-interview-2024-11">VC job</a> when I was 23 years old.Though it took me about a year and a half to land my first VC role after finishing college, I'm still on the younger end of professionals in my industry. My advice for other people hoping to <a target="_blank" class="" href="https://www.businessinsider.com/how-to-get-job-venture-capital-no-finance-career-2024-10">get into VC</a> is to leverage your network and stay up to date on the industry.<h2 id="45740239-990a-40e5-995f-6a177e376ce5">I realized academia wasn't for me and eventually pivoted to entrepreneurship</h2>During my teen years, I was fascinated with astrophysics. In 2016, I started my undergrad at Brown University, thinking I would go on to get my Ph.D. and become a scientist.However, I realized the academic path wasn't for me when I spent my freshman year summer working with a theoretical research group and trying to code physics formulas. It helped me realize I'm more drawn to roles where I can work directly with people and see tangible results.During my senior year of college, I was interested in entrepreneurship. A friend and I had talked about <a target="_blank" class="" href="https://www.businessinsider.com/how-to-start-and-grow-a-business-founders-advice-2023-1">starting a company</a> one day. We brought in a third friend and did just that in our final year.We launched a mobile app that we spent the year developing. I got us into an accelerator and raised some grant capital. In the fall, we talked to a couple of VCs and even pitched <a target="_blank" class="" href="https://www.businessinsider.com/why-aragon-ai-founder-chose-startup-accelerator-neo-over-ycombinator">Y Combinator</a>. It wasn't a very successful venture, but it was a good learning opportunity.<h2 id="f17d28cb-e025-4dde-a7c0-b13aa110d2e2">I secured my first VC job with the help of recruiters</h2>I started working at EY-Parthenon in September 2020, after I'd graduated, as an associate consultant, assisting <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/private-equity-investment">private equity</a> firms in acquiring software and tech companies. This experience provided a great foundation for thinking more about technical due diligence, tech architecture, and strategy, but moving into investing and venture capital felt like the most exciting path.While I was in that role, recruiters reached out to me. I was surprised at first, but I was excited to make the leap. My background in physics, combined with my finance experience at EY-Parthenon and two summer internships at Goldman, gave me a unique blend of technical and financial expertise that helped propel my career.I worked with recruiters to get my first VC position at a firm called MTech Capital in December 2021. I stayed there for two years, but I still had a passion for physics and aerospace I couldn't explore at the firm, which invested in fintech, insurtech, and healthtech. I spoke about this with people in my network in the Los Angeles area, and I was referred to my current role, which I started in January.I'm now an investor at <a target="_blank" class="" href="https://www.calibratevc.com/">Calibrate Ventures</a> focusing on deep-tech. A typical day includes taking a few pitches, checking with the team on our investment committee, and also working on developing my own role as a thought leader.Since I am early in my career, I am always looking to learn about every part of the business, so I ask a lot of questions and listen to my team, founders and mentors. I'm like a sponge.I'm on the younger end of the professionals in my industry, but after three years I don't think I'm the youngest anymore.I feel fortunate that the <a target="_blank" class="" href="https://www.businessinsider.com/most-important-venture-capitalists-investors-in-los-angeles-2023-1">LA venture community</a> is vibrant and supportive. There are many young investors and a growing number of women in the field. I even recently moderated a panel at LA Tech Week and also launched a deep tech brunch series.Additionally, getting involved in the community and being part of different professional groups, such as Synergist Network, which is for <a target="_blank" class="" href="https://www.businessinsider.com/these-are-the-best-female-early-stage-investors-2024-9">women in investing</a>, is helpful in creating a sense of community and support.Even though I'm younger in the industry, I've never felt belittled — everyone has always been very respectful.<h2 id="2dc982de-9e21-4df2-91a8-35047a1c40f4">People who want a career in VC should stay up-to-date on the industry and leverage their network</h2>For those interested in a <a target="_blank" class="" href="https://www.businessinsider.com/landed-dream-job-vc-after-offering-set-up-payroll-free-2024-10">career in VC</a>, I think the best thing you can do is stay as up-to-date on the industry as possible — whether it's through podcasts, newsletters, books, or social media.I spend a lot of my time now reading and keeping up with scientists on social media to stay ahead of rapidly emerging technologies.Even before I was in my current role, I took time to learn more about the industries I was interested in. For instance, while I was primarily focused on fintech in my first VC role, I still sought out deep tech exposure and attended a Space Investor Summit in LA, which allowed me to connect with satellite insurance companies leveraging space observation data.I also recommend leveraging your network — even if it's somebody you went to school with a couple of years ago, ask them if they have anyone they can introduce you to and just pick people's brains by asking questions about their career.If you want to be in this kind of industry, let people know what kinds of opportunities you're looking for. That way, people can let you know if they see a job posting that would be a fit for you. Having mentors through your network can also be helpful for identifying if a career path or role is right for you.I'm committed to staying in VC for the rest of my career. The past few years — especially this last year — have been the most fulfilling and exciting of my life.Do you have a career story you want to share with Business Insider? Email <a target="_blank" href="mailto:ccheong@businessinsider.com">ccheong@businessinsider.com</a>

I pivoted into venture capital at 23 and my life has never been so exciting. Here's my advice for breaking into the industry.

<ul class="summary-list"><li>Neom's $10 billion joint venture with DSV has been delayed over missing regulatory approvals.</li><li>The partnership was due to start in the second quarter of this year, per ShippingWatch.</li></ul>Saudi Arabia's <a target="_blank" href="https://www.businessinsider.com/neom-saudi-arabia-desert-megacity-plans-look-pictures-2024-4">Neom megaproject</a> appears to have hit another stumbling block.<a target="_blank" href="https://www.businessinsider.com/saudi-arabia-neom-plans-financial-pressure-foreign-investment-the-line-2024-5">Neom's</a> $10 billion joint venture with Danish transport company DSV has been delayed over missing regulatory approvals, per reports.The partnership was due to start in the second quarter of this year, but the company <a target="_blank" href="https://shippingwatch.com/logistics/article17201941.ece">told ShippingWatch</a> that the deal had been pushed back."Neom is an extensive project in which DSV will be part of a joint venture for the overall logistics solutions. As we have previously stated, it requires a number of regulatory approvals, which unfortunately are taking longer to obtain than we had hoped," a DSV representative told the outlet.The freight company is still waiting for regulatory approvals from both Saudi Arabia and Egypt, <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-06-17/dsv-neom-10-billion-tie-up-delayed-due-to-missing-approvals">Bloomberg reported.</a>However, the DSV representative told ShippingWatch that its "long-term expectations" for cooperation remained unchanged, adding that delays were routine for a project of this scope.The logistics company said it was undertaking transportation services for Neom "while we wait for our joint venture to come into place. Therefore, we are ready to scale up our efforts when the approvals come."Representatives for DSV and Neom did not immediately respond to requests for comment from Business Insider.<a target="_blank" href="https://www.businessinsider.com/saudi-arabia-neom-roadshow-china-investor-interest-funding-2024-4">Neom</a> has suffered a series of setbacks in recent months.In April, Bloomberg reported that population estimates for Neom's flagship project called The Line had been reduced <a target="_blank" href="https://www.businessinsider.com/saudi-arabia-neom-the-line-cost-vision-2030-projects-2024-4">amid concerns over finances.</a>The cost of the project has reportedly ballooned past estimates, with some reports putting the estimated cost for the futuristic megacity at <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-04-05/saudis-scale-back-ambition-for-1-5-trillion-desert-project-neom">$1.5 trillion</a>.Experts have said the kingdom is struggling to <a target="_blank" href="https://www.businessinsider.com/saudi-arabia-neom-plans-financial-pressure-foreign-investment-the-line-2024-5">attract the foreign investment needed</a> for the expensive plans.Saudi officials have been keen to counter the narrative that plans for the futuristic megacity have been scaled back. In private, though, recent reports suggest that<a target="_blank" rel="" href="https://www.businessinsider.com/neom-vision2030-saudi-arabia-mbs-crown-prince-tough-conversations-2024-5"> the Crown Prince is open</a> to having "tough conversations" about his <a target="_blank" href="https://www.businessinsider.com/vision-2030-saudi-arabia-plan-future-proof-oil-economy-2023-8">Vision 2030</a> ambitions.

Neom suffers another setback with delay to $10 billion transport venture

<ul class="summary-list"><li><keyword id="23582686" type="General" weightage="20" keywordseo="tim-tully" source="keywords">Tim Tully</keyword> taught himself to code when he was six and went to school for computer science.</li><li>He started his career in software engineering at startups and later worked at Yahoo and Splunk.</li></ul>Venture capitalist Tim <keyword id="23582684" type="General" weightage="20" keywordseo="tully" source="keywords">Tully</keyword>'s programming experience began at age six, when he taught himself to write code and make video games on an Apple II computer. Fast-forward to the present: Tully has a data center in a basement and is known to deploy software and try out startups' APIs when he's sussing out potential investments. He's also written code for some of his portfolio companies. Using his technical expertise as a former programmer and CTO, Tully is helping amass an impressive portfolio of AI startups at <keyword id="23582685" type="General" weightage="20" keywordseo="menlo" source="keywords">Menlo</keyword> Ventures. The firm, which has backed Chime, Warby <keyword id="20325026" type="General" weightage="20" keywordseo="parker" source="keywords">Parker</keyword>, Roku, and Uber, has historically focused broadly on early and growth-stage startups across the consumer, enterprise, and healthcare sectors. More recently, Menlo has <a target="_blank" class="" href="https://www.businessinsider.com/menlo-ventures-naomi-ionita-investor-3-lessons-growth-saas-2020-12">planted its flag in the generative AI space</a> as frenzy in the sector is creating new <keyword id="19926959" type="General" weightage="20" keywordseo="opportunities" source="keywords">opportunities</keyword> for early-stage startups. The firm closed a <a target="_blank" href="https://techcrunch.com/2023/11/16/menlo-ventures-closes-on-1-35b-in-new-capital-targets-investments-in-ai-startups/?guccounter=1&amp;guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&amp;guce_referrer_sig=AQAAAJVkFGzX14zh8oeHL-Sgmmj-ke1177qyd4BoL1N3eHbqg52MVVO8w7Q3RR0puoRkQ4EVSoyHdffSI5guxcbH9Yl6z1fudXp_WheLfxYB72QiEo_1inwN7UZNPAOLctyEfQ-jGLcCesRz0ajnDsJPg8AVE2iYArspH-l5HM_X7Pbp">$1.35 billion fund</a> last year specifically for investing in fledgling AI startups, and it's already been an early backer of AI powerhouses including vector database <a target="_blank" class="" href="https://www.businessinsider.com/chroma-weaviate-pinecone-raise-funding-a16z-index-vector-database-ai-2023-3">Pinecone</a>, LLM developer <a target="_blank" class="" href="https://www.businessinsider.com/researchers-at-anthropic-taught-these-ai-chatbots-how-to-lie-2024-1">Anthropic</a>, enterprise data cleaner Unstructured, conversational AI system Neon, automated data cleanup program Cleanlab, and many others. For Tully, one of Menlo's key check-writers in this space, having a background in computer science and operating experience has been necessary when it comes to evaluating potential AI investments. "I'm still coding every day," he said. "That really helps me for my job, and I think it's really hard to be a VC and invest in a deeply technical product if you don't have a technical background. I'm actually using this stuff." <h2>Before becoming a VC, Tully worked at startups and led engineering teams</h2>For Tully, who grew up in the Bay Area, computers and games have always been a core part of his life. He had an Apple II computer and cassette tape player that plugged into a TV on a rolling cart, which is where he taught himself to code by playing video games and reading through manuals. He said an early game of his, coded using Applesoft BASIC, was a text-based adventure game in which players would get lost in a forest and navigate through a maze, answering a series of fork-in-the-road puzzles to chase down the treasure. As a teenager, Tully had a bank of modems at his mom's house to organize a <a target="_blank" href="https://www.theatlantic.com/technology/archive/2016/11/the-lost-civilization-of-dial-up-bulletin-board-systems/506465/">bulletin board system</a> – a pre-internet computer server that other users could dial into – to host pirated video games. After college, Tully gravitated toward startups, becoming a software engineer at the dot-com-era companies iScale and Pillar Data Systems, the latter of which he left in 2003 and was eventually acquired by Oracle. He spent 14 years at Yahoo, working his way up to lead engineering for Yahoo, AOL, and its media properties, which included the Huffington Post, Tumblr, Polyvore, and Flurry, and managing a team of more than 850 people. In 2017, Tully joined data analytics company Splunk as its chief technology officer and senior vice president of product and engineering and managed the company's migration to the cloud. While he loved his team at Splunk, Tully said that he was always interested in the investing side of the tech world, and his interest was further piqued by his wife, <a target="_blank" href="https://www.businessinsider.com/sequoia-partner-jess-lee-advice-for-startup-founders-2022-9">Jess Lee</a>, who has been a partner at Sequoia since 2016. "Growing up in the Valley, I had this in the back of my mind, and I thought that as a technical person, I could do the job differently, so I began to take some calls," he said. One of those calls eventually turned into a job offer at Menlo Ventures, and Tully joined the firm as a partner in 2021. "This was an opportunity to be part of the next wave of folks that joined the firm, which was exciting to me because I'm a builder," he said. <h2>At Menlo Ventures, Tully writes checks for AI startups at the app and infrastructure layers</h2>Since joining Menlo, Tully has invested in nine startups, including Pinecone, which raised a $28 million Series A in 2022; Neon, which raised a $46 million Series B in 2023; Unstructured, which raised a $40 million Series B in 2024; and JuliaHub, an AI programming startup that raised $24 million in 2021. Another of his portfolio companies, AI quality management software startup True Era, was acquired by Snowflake earlier this year. For Tully, finding camaraderie with technical founders has been a winning strategy so far in his VC career. "My background helps me connect with technical founders because they want investors who they can talk shop with," he said. "I've managed teams and have been CTO of a public company." He's also written code as a way to help win over startups in the broader Menlo Ventures portfolio. In 2022, another Menlo partner, Naomi Pilosof Ionita, was working to land a deal for fintech startup Orb. The company didn't have a software development kit, so Tully wrote them one, printed out a link to the devkit, rolled it into a scroll, and delivered it to the startup. That helped seal the deal, and Ionita led Orb's $14 million Series A funding round. While Menlo has been bolstering its portfolio with AI-infrastructure startups, Tully said he's excited about opportunities at the application layer. This means looking at various vertical AI categories, including legaltech — he wrote a $14 million seed check for the AI legal assistant Eve, which was announced in 2023 — as well as marketing and automation. And, perhaps unsurprisingly, Tully is also trying out various AI coding copilots, and he says that the tech is making him "50-60% more productive if I'm being honest." "I'm really high on AI coding assistants," he said. "Opportunities in this space are pretty compelling." Correction: October 8, 2024 -- An earlier version of the story misstated the year Pillar Data Systems was acquired by Oracle, which was in 2011, not in 2003, which was when Tully left the company. It also said that Menlo Ventures invested in Eve in 2022, and the correct year is 2023. .

Tim Tully taught himself to code at age 6 and still codes daily. Here's how computer science took him from startups to AI investing at Menlo Ventures.

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Welcome back! If you're like me, you might not eat the healthiest on weekends. But a dietitian highlighted some <a target="_blank" href="https://www.businessinsider.com/healthy-snacks-dietitian-eats-instead-of-ultra-processed-foods-2024-6">healthy snacks you can substitute for ultra-processed foods</a>.In today's big story, we're looking at <a target="_blank" href="https://www.businessinsider.com/artificial-intelligence-is-coming-for-venture-firms-2024-6">how AI could completely upend venture capitalism</a> amid <a target="_blank" href="https://www.businessinsider.com/venture-capitalism-funding-market-contraction-scott-stanford-acme-2024-6">a wider shakeup for the industry</a>.What's on deck:<ul><li>Markets: Bobby Jain's highly anticipated hedge fund is <a target="_blank" rel="noopener" href="https://www.businessinsider.com/bobby-jain-global-hedge-fund-launch-2024-6">finally ready for primetime</a>.</li><li>Tech: OpenAI's GPT Store developers are finding creative <a target="_blank" href="https://www.businessinsider.com/developers-adding-ads-and-affiliate-links-to-their-chatgpt-apps-2024-6">ways to get paid for their work</a>.</li><li>Business: Jeff Bezos' plan for <a target="_blank" href="https://www.businessinsider.com/jeff-bezos-plan-for-washington-post-imploding-winnett-lewis-2024-6">The Washington Post is imploding</a>.</li></ul>But first, how the tables have turned.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097">AI comes for VCs</h2><div type="image" title="Photo illustration of a robot hand with money floating" height="882" width="1654" msid="111237229" hostid="261" sizebytes="180536"></div>Like turkeys setting the table for Thanksgiving dinner, VCs are backing tech that might lead to their demise.The generative AI boom was a welcome change for a venture industry looking for a new trend to back (and hopefully profit from).But the transformative technology <a target="_blank" href="https://www.businessinsider.com/artificial-intelligence-is-coming-for-venture-firms-2024-6">could greatly impact the people bankrolling it</a>. The result could be a reduction of roles and changes to how the job is done, writes Business Insider's Ben Bergman.Some of the adjustments aren't novel to the VC industry. Back-office roles everywhere are ripe for automation from AI, and venture capital is no different.But things get really interesting when it comes to actual investing. Finding and assessing new startups — often key responsibilities of junior employees — is the type of work large-language models could do more efficiently at a large scale.VCs won't get entirely automated away by AI — after all, how could they still justify all those fees if they only relied on AI? But a human-AI hybrid approach seems like the future, according to some insiders Ben spoke to.However, balancing between man and machine for investment decisions isn't easy. Just ask hedge funds.Long before the generative AI boom, funds dreamed of combining the best of machine-based quantitative strategies and human-led fundamental approaches. The concept — known as "quantamental" — <a target="_blank" href="https://www.businessinsider.com/man-group-bridgwater-schonfeld-explain-quantamental-and-how-it-works-2020-5">struggled to find success</a> as the two cultures often clashed.Now consider venture investing, where ultimately, a singular decision needs to be made: invest or don't. When push comes to shove, does man or machine reign supreme?<div type="image" title="Scott Stanford, ACME Capital's cofounder, believes major changes are coming for the venture-capital industry." height="2202" width="2936" msid="111237239" hostid="261" sizebytes="401568"></div>The VC industry might be doomed with or without AI.Scott Stanford, a cofounder and partner at early-stage VC firm ACME Capital, told BI's Blake Dodge that <a target="_blank" href="https://www.businessinsider.com/venture-capitalism-funding-market-contraction-scott-stanford-acme-2024-6">half of today's VC firms will shutter in the next decade</a>.Stanford's theory is pretty simple: There are too many VCs and not enough exit opportunities. And this isn't a knee-jerk reaction to how chilly the IPO market has been the past few years.VCs' explosive growth over the past few decades created an "overcrowded, overcapitalized, and overvalued market," Stanford and ACME's cofounder Hany Nada told investors in a recent letter shared with BI.The writing is already on the wall. Look no further than the rise of "zombie" VCs, or <a target="_blank" href="https://www.businessinsider.com/2024-year-of-vc-reckoning-2024-2">investors running out of money</a>.But if anyone can fix things, maybe it's… VCs? After all, venture investors tout themselves as disruptors who pride themselves on finding and helping to grow solutions for big problems.Now, VCs might have their toughest task yet: Saving themselves.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News Brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Your Monday headline catchup</h2>A quick recap of the top news from over the weekend:<ul><li><a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/ukraine-needs-to-stop-fighting-the-war-russia-wants-2024-6">Ukraine needs to stop fighting the war Russia wants</a>.</li><li><a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/prosecutors-recommend-doj-federal-criminal-charges-against-boeing-report-2024-6">Prosecutors recommend DOJ file criminal charges against Boeing: report</a>.</li><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/elon-musk-starts-new-beef-with-lucasfilm-chief-kathleen-kennedy-2024-6">Elon Musk starts new beef with Lucasfilm chief Kathleen Kennedy</a>.</li><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/nvidia-ceo-jensen-huang-openai-ilya-sutskever-ai-revolution-2024-6">Nvidia CEO Jensen Huang shouts out OpenAI cofounder Ilya Sutskever for sparking 'the big bang of deep learning'</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="bobby jain" height="975" width="1300" msid="111237241" hostid="261" sizebytes="45284"></div><ol><li>A top Jain Global executive explains how the firm will stand out on the eve of its massive launch. Bobby Jain's hedge fund launch has been the talk of Wall Street. Jonathan Barton, Jain Global's chief operating officer, spoke to BI about <a target="_blank" rel="noopener" href="https://www.businessinsider.com/bobby-jain-global-hedge-fund-launch-2024-6">how the fund is built to quickly grow once it starts trading on July 1</a>.</li><li>The end of a US-Saudi deal could dent dollar dominance. Saudi Arabia chose not to renew the landmark "petrodollar" deal that ensured the use of US dollars in the oil trade. That's <a target="_blank" href="https://markets.businessinsider.com/news/currencies/dollar-dominance-dedollarization-petrodollar-saudi-crude-greenback-china-yuan-brics-2024-6">bad news for the dollar's supremacy</a>. The move is part of the kingdom's grand plan to diversify trade and expand beyond US and European partners.</li><li>There is a light at the end of the interest-rate tunnel. A July rate cut, while still a longshot, could be on the table, according to one economist. Jobless claims and housing data show an economic slowdown, which <a target="_blank" href="https://www.businessinsider.com/fed-interest-rate-cuts-july-economy-recession-forecast-housing-jobs-2024-6">could lead the Fed to finally offer some relief next month</a>.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="A red electric car on a spinning globe" height="1500" width="2000" msid="111237234" hostid="261" sizebytes="247238"></div><ol><li>Chinese EV makers are slowly taking over the world. Despite efforts from the US and Europe to shut them out, <a target="_blank" href="https://www.businessinsider.com/byd-saic-chinese-ev-makers-plot-world-takeover-2024-6">Chinese EV firms are expanding rapidly in developing markets like Brazil and Southeast Asia.</a> This poses a major problem for legacy automakers like Ford, who risk being left behind.</li><li>OpenAI's GPT Store developers are finding new ways to get paid. OpenAI has yet to widely roll out plans to pay developers making applications for its GPT Store — <a target="_blank" href="https://www.businessinsider.com/developers-adding-ads-and-affiliate-links-to-their-chatgpt-apps-2024-6">so some are getting creative</a>. They're turning to ads, affiliate links, and "freemium" models to get paid.</li><li>Apple accused of breaching EU rules. The European Commission has accused Apple of <a target="_blank" href="https://www.businessinsider.com/european-regulators-accuse-apple-of-breaching-new-rules-2024-6">stifling competition with its App Store</a>. Regulators said the company breached new tech rules by preventing app developers from steering customers to alternatives.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="Jeff Bezos distraught on top of Washington Post logo" height="900" width="1200" msid="111237236" hostid="261" sizebytes="111624"></div><ol><li>Jeff Bezos' plan to revamp The Washington Post is imploding. Incoming newsroom editor Robert Winnett pulled out of the job Friday morning after a slew of revelations about his past as a writer in London. Meanwhile, Will Lewis, the Washington Post's publisher, has also come under fire. <a target="_blank" href="https://www.businessinsider.com/jeff-bezos-plan-for-washington-post-imploding-winnett-lewis-2024-6">That's bad news for Bezos</a>, who needed the two men to breathe new life into the newsroom.</li><li>The American dream of home ownership is becoming an American fantasy. A recent Harvard study found monthly payments for a median-priced home after taxes and insurance have hit about $3,100. <a target="_blank" href="https://www.businessinsider.com/home-prices-housing-costs-market-affordability-crisis-harvard-mortgage-payment-2024-6">That's the highest level it's been in more than three decades</a>. That payment requires a household income of at least $120,000 a year, which only 6% of renters have.</li><li>The silver lining of sports betting scandals. The series of high-profile gambling scandals that recently rocked the sports world thrust the long-overlooked issue into the spotlight. Leagues are now focusing on educating athletes who may be betting-prone, and the industry's gotten <a target="_blank" href="https://www.businessinsider.com/why-more-betting-scandals-are-pervading-us-sports-2024-6">a lot better at catching bad actors</a>.</li></ol><h2 id="1ad7b482-3f4b-44b4-81b6-a864aa386478">In other news</h2><ul><li><a target="_blank" href="https://www.businessinsider.com/elon-musk-third-child-with-neuralink-exec-shivon-zilis-2024-6">Elon Musk confirms 3rd child with his Neuralink executive Shivon Zilis.</a></li><li><a target="_blank" href="https://www.businessinsider.com/yellowstone-timeline-of-controversy-criticism-conflict-kevin-costner-2023-4">Kevin Costner is leaving 'Yellowstone' before the final season is over. Here's a complete timeline of the behind-the-scenes drama</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/perplexity-ceo-advice-startup-founders-2024-6">Perplexity CEO explains why you need to understand your 'dopamine system' if you want to start your own company</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/nvidia-jensen-huang-ai-demand-chips-microsoft-apple-2024-6">Jensen Huang's Nvidia sure hopes the AI bubble doesn't burst anytime soon</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/who-timothy-mellon-robert-kennedy-donald-trump-billionaire-2024-6">The reclusive billionaire who's spent $75 million on Trump and $25 million on RFK Jr</a>.</li><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/alpine-investors-ceo-training-program-application-interview-tips-2024-6">This exclusive CEO training program doesn't care about your 4.0 GPA</a>.</li><li><a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-democrats-republicans-etf-performance-demz-vs-maga-2024-6">Companies that give money to Democrats are beating Republican donors in the stock market.</a></li></ul><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Paris Fashion Week begins.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Annie Smith, associate producer, in London. Grace Lett, associate editor, in Chicago. Amanda Yen, fellow, in New York.

Venture firms could be the latest target for AI disruption, and that's not the only threat to VCs

Indian start-up companies are looking at 'reverse flipping' - not a cricket terminology - with easy access to capital from private equity and venture capitals, changes in rules regarding round tripping, and the growing maturity of India's capital markets, states the Economic Survey 2022-23. The Survey was tabled in the Parliament on Tuesday. According to the Indian government the above measures have not only slowed down 'Flipping' but companies are also exploring 'Reverse Flipping'. Well, 'Flipping' and 'Reverse Flipping' are not cricket shots. The survey said many Indian companies have been getting headquartered overseas, especially in destinations with favourable legal environments and taxation policies. The technical jargon for this may be identified as 'Flipping', which is the process of transferring the entire ownership of an Indian company to an overseas entity, accompanied by a transfer of all intellectual property rights and all data hitherto owned by the Indian company. "It (flipping) effectively transforms an Indian company into a 100 per cent subsidiary of a foreign entity, with the founders and investors retaining the same ownership via the foreign entity, having swapped all shares," the survey notes. Typically, "Flipping" happens at the early stage of the start-ups, driven by commercial, taxation and personal preferences of founders and investors. Some companies decide to "Flip" because the major market of their product is offshore. Sometimes, investor preferences like access to incubators drive the companies to "Flip" as they insist on a particular domicile. Some companies prefer to domicile in countries where they would like to access Capital Market later for better valuations and ticket size. Better protection and enforcement of IP and tax treatment of Licensing revenue from IP, residential status of Founders, and agile corporate structures have been the reasons for "Flipping" in the past. "Many investors/private equity (PE) funds are based in the US and other places. They also exert pressure on the Indian startup entrepreneurs to move out of India and house their IPRs overseas," an entrepreneur had told IANS preferring anonymity. "Technology companies, primarily B2B, software as a service (SaaS) players and deep tech businesses tend to move out to the US and some towards Singapore. The reason they start in India to begin with is the entrepreneurial talent, active investing ecosystem, solid tech employees and most importantly the ability to develop and run pilots at competitive costs," Sarath <keyword id="293733" type="General" weightage="80" keywordseo="naru" source="Orion">Naru</keyword>, <keyword id="191679" type="General" weightage="80" keywordseo="managing-partner" source="Orion">Managing Partner</keyword>, Ventureast, one of the long standing venture capital firms in India had told IANS. According to Naru, the primary reason for them to move out is to be near their market. "Indian market tends to be small for these businesses and not economically viable to continue to invest in technology and be competitive against global players. The US and Southeast Asia offer large ready markets and it makes most economic and strategic sense to be close to the markets," Naru remarked. "Other than the IPR housing reason, investors like the tax regime in certain countries; lower income tax and capital gains taxes. This also attracts the startups to move and later the founders become Non-Resident Indians (NRI)," Kris Gopalakrishnan, Chairman, <keyword id="2602340" type="General" weightage="80" keywordseo="axilor-ventures" source="Orion">Axilor Ventures</keyword> told IANS. "Some of these governments give specific incentives like rent reimbursements, grants based on local employment etc. Further, the access to capital which does not invest in Indian companies. Finally, <keyword id="88599" type="General" weightage="80" keywordseo="sas" source="Orion">SAS</keyword> companies, especially enterprise SAS, move to the US/UK to be closer to the enterprise customers," Gopalakrishnan added. The Economic Survey said to accelerate 'Reverse Flipping', certain measures like the following are possible: i. Simplifying the process for grant of "Inter-Ministerial Board (IMB) certification" for Start-ups ii. Further simplification of taxation of Employee Stock Options (ESOPs) iii. Simplifying multiple layers of tax and uncertainty due to tax litigation iv. Simplifying procedures for capital flows: Many countries, such as US and Singapore, have easier corporate laws, with lesser restrictions on the inflow and outflow of capital and treatment of Hybrid Securities v. Facilitating improved collaboration and partnerships with established private entities to develop best practices and state-of-the-art start-up mentorship platforms vi. Exploring the incubation and funding landscape for start-ups in emerging fields like social innovation and impact investment. The flipping phenomenon mentioned above reflects start-ups venturing out for short-term gains in the dynamic, uncertain geopolitical world. However, the flip can be reversed with the collective action by the government related regulatory bodies and other stakeholders. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/in-a-major-clean-up-drive-bmc-sacks-55-staffers-for-corruption-suspends-134-for-graft-crimes/articleshow/97491919.cms">In a major clean-up drive, BMC sacks 55 staffers for corruption, suspends 134 for graft, crimes</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/sc-suggest-nirav-modis-bro-in-law-to-give-letter-of-authority-to-cbi-to-access-offshore-bank-accounts/articleshow/97493054.cms">SC suggest Nirav Modi's bro-in-law to give letter of authority to CBI to access offshore bank accounts</a>

Indian start-ups are looking at reverse flipping says Economic Survey

<ul class="summary-list"><li>Anduril has just been selected as one of two vendors for a major US air force contract. </li><li>The 7-year-old start-up beat out legacy defense contractors Boeing, Lockheed, and Northrup Grumman. </li></ul>Anduril Industries, the defense tech startup run by <a target="_blank" href="https://www.businessinsider.com/palmer-luckey-anduril-defense-startup-ai-weapons-war-2024-3">Palmer Luckey</a>, has just been awarded a major contract by the US Air Force, beating out legacy names like Boeing and Lockheed Martin.Anduril, founded in 2017, has been contracted to design and test autonomous fighter jets as part of the <a target="_blank" href="https://www.af.mil/News/Article-Display/Article/3754980/air-force-exercises-two-collaborative-combat-aircraft-option-awards/#:~:text=The%20CCA%20program%20aims%20to,reduced%20costs%20and%20adaptable%20timelines.">Collaborative Combat Aircraft</a> (CCA) program, a core part of the Air Force's efforts to modernize its fleet.The Air Force hopes to eventually buy at least 1,000 CAA systems at a cost of $30 million per drone. In the latest <a target="_blank" href="https://comptroller.defense.gov/Portals/45/Documents/defbudget/FY2025/FY2025_Budget_Request_Overview_Book.pdf">fiscal 2025 budget request</a> it requested $557 million for the program and has said it plans to spend almost $9 billion on the initiative by 2029.The joint contract will be split between Anduril and General Atomics. The companies will now work on designing, manufacturing, and testing the unmanned aircraft and drones.The decision proves just how important autonomy and AI are to the future of US national security strategy.The final choice came down to five companies: Anduril, General Atomics, Boeing, Lockheed Martin, and Northrup Grumman. Rather than the stalwart giants of the defense industry with a long track record of building fighter jets, it was seven-year-old Anduril that the Air Force selected."Impossible to overstate the importance of this win," <a target="_blank" href="https://twitter.com/PalmerLuckey/status/1783317360193241161">tweeted</a> Luckey following the announcement."Anduril is proving that with the right team and business model, a seven-year-old company can go toe-to-toe with players that have been around for 70+. The real winner? The United States of America."The US military is increasingly turning to the growing pool of private defense tech start-ups as it races to compete with rivals like China to develop the most advanced military technology."As a country, we are actually making really good strides and moving fast enough," said Luckey in an interview with <a target="_blank" href="https://www.cnbc.com/video/2024/04/25/anduril-founder-palmer-lucky-talks-developing-unmanned-autonomous-fighter-jets-for-u-s-air-force.html#:~:text=Anduril%20Founder%20Palmer%20Luckey%20talks,jets%20for%20U.S.%20Air%20Force">CNBC.</a> "I'm confident we're going to deliver on budget and on schedule some really sick AI-powered fighter jets," he added.The success of Anduril will give hope to other AI players from Silicon Valley hoping to break into the defense sector.And the demand is there for them if they can make it: venture capitalists have put more than $100 billion into defense tech since 2021, according to <a target="_blank" rel=" nofollow" href="https://pitchbook.com/news/articles/defense-tech-boom-ukraine-china-israel">PitchBook</a> data."Anduril is proud to pave the way for other non-traditional defense companies to compete and deliver on large-scale programs," the company wrote in <a target="_blank" href="https://www.anduril.com/article/anduril-air-force-collaborative-combat-aircraft-CCA/">a statement</a>.

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