The last 2 years have been a leadership stress test. AI accelerating. Distribution shifting. Player expectations rising. At the same time: tight capital, longer fundraises, and in games… a brutally low hit rate.
The lesson?
Optimism is not a strategy. Portfolio math is.
In a constrained market, you do fewer things, sequence harder, protect runway, and design for power laws. Most bets won’t break out. One might.
Innovation still matters. Endurance and discipline matter more.