Most founders believe venture capital is a game of who can raise the largest round. But the real game is different: pick the right market, build something defensible, and create a business that doesn’t burn through capital just to stay alive.

Jeff Weinstein is a partner at FJ Labs, one of the world’s most active early-stage investors. The firm has backed more than 1,000 companies with over $500 million under management. Unlike traditional venture firms that deliberate for weeks, FJ Labs moves fast, invests globally, and says no to most deals.

In our conversation, Weinstein walks through the mechanics of evaluating 200 startups each week, explains what separates fundable companies from also-rans, and discusses how artificial intelligence is reshaping both marketplace businesses and the venture industry itself.

For founders, operators, and investors, the conversation offers a window into how venture capital works when stripped of its usual inefficiencies.

Key topics:
• Why FJ Labs backs more than 100 companies annually
• How the firm narrows hundreds of pitches to a handful of investments using two calls
• What founders must demonstrate before investors commit capital
• Why marketplace businesses remain defensible despite AI advances
• How emerging fund managers compete against multibillion-dollar institutions
• Why raising less capital can lead to better outcomes than raising more
• How FJ Labs identifies winners in saturated markets
• Why capital-efficient companies command higher valuations today
• How venture firms evaluate returns, runway, funding rounds, and company valuations

What’s the #1 signal you look for when choosing a startup to bet on?

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