Great talk by @nikesharora at @theallinpod Summit A few nuggets that stuck with me: 1. Analytical SaaS is dead. Infrastructure software is undervalued 2. Mythos so far is great for offense and horrible for defense because it has a 30% false positive rate. 3. How can you take a 10-20% false positive rate down to 0.1%. A lot is needed post model to make it useful and effective in a business context 4. On M&A in today's world: If you can have the best operating efficiency compared to your competitors, then you can then buy something, improve its margins, and get credit from the Street for it Link to the full convo in the next tweet

I appreciated speaking with @ychernova of the @WSJ for a story she wrote about the NYC and SF tech ecosystems. Pre-COVID, roughly 70% of our @Work_Bench portfolio was NYC-based. Today it’s closer to 60% by company count. That shift isn’t because we have less conviction about NYC - quite the opposite. The NYC enterprise ecosystem has become dramatically stronger over the last decade. There are simply more technically ambitious founders, more repeat founders, deeper operator talent, and far more enterprise customers willing to engage early. That said, our job is ultimately to find the best enterprise founders wherever they are. The biggest change over the last few years is that AI has reshaped where different categories of companies tend to emerge. For vertical AI applications and a lot of enterprise software broadly, NYC continues to be an incredible place to build. The proximity to large financial institutions, media companies, healthcare organizations, retailers, and other Fortune 500 buyers creates a huge advantage around customer discovery, design partners, and early go-to-market execution. We’ve always believed enterprise go-to-market is massively underrated at Seed, and in today's world where distribution becomes your moat, NYC remains one of the best places in the world for that. Infrastructure is a different story. You can’t ignore San Francisco right now, particularly around AI infrastructure, developer tooling, and frontier model ecosystems. There’s an intensity and density there across researchers, infrastructure engineers, ex-founders, talent from the major labs and hyperscalers that creates a unique environment. Having said that, we're excited for what the next wave of infrastructure talent will build in NYC over the next few years as people who have scaled AI-first companies like Modal, Coreweave, Cursor, and others eventually leave to launch their own companies. In cybersecurity we continue to see exceptional technical talent coming out of Israel, and we often partner with Israeli pre-seed and seed funds where we can serve as the US Seed lead and help companies navigate early enterprise go-to-market. What hasn’t changed is how we think about winning. Whether a founder is in NYC, SF, or Tel Aviv, the common thread is usually that they want a highly engaged Seed partner who can materially help with early enterprise traction across customer introductions, ICP development, pricing, positioning, and building a repeatable go-to-market motion. That has always been the core of the Work-Bench strategy, and in many ways it matters even more in today’s market.