Entrepreneurs get the glory, investors get the spreadsheets, and John Lilly says that’s exactly how it should be. John (former VC, now angel and board member, and newly involved with Gigascale Capital) joins us to demystify venture capital for curious builders: how funds are raised from limited partners, why returns follow a power law, and what investors actually do between writing a cheque and a company becoming real. Along the way, we unpack his simple working framework: see, win, decide, then help build.

The best moments are the stories. John explains how a small real-world signal helped him chase Instagram, how “winning the right to invest” can mean recruiting a key hire, and why a fast acquisition can still feel like a mixed outcome when you believe the company could be worth far more. He also shares the long arc of Figma, including an early “no”, a year of breakfasts, and the traits he looks for in founders: grit, follow-through, and the ability to learn without defensiveness.

Then we widen the lens to the present shockwave: AI and large language models. John talks about prototyping at speed, what it means for startup formation, and why the next constraints may be compute, chips, cooling, and power rather than ideas. Finally, we touch climate tech and hard tech investing, where energy, materials, supply chains, and data centre demand collide.

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