Tomasz Tunguz, Founder of Theory Ventures, is widely recognized for his analytical approach to venture investing. Now, he’s building Theory with a philosophy rooted in research and data-driven decision-making. Tomasz sits down with Nick Chirls, General Partner at Asylum Ventures and Beezer Clarkson, LP at Sapphire Partners and co-founder of OpenLP, to discuss spinouts and succession in established firms and the value of running high-risk, high-reward experiments at specialist firms like Theory. Tomasz also shares his belief that investors will need to adapt to a future where asking the right questions of LLMs will be critical for success.

CHAPTERS:

(0:00) Welcome to Origins

(4:05) Why Are So Many People Leaving Top Firms?

(12:15) Getting the Probabilities On Your Side

(16:01) Building Highly Concentrated Portfolios

(17:33) Lessons Learned in Fund One

(21:37) Tomasz’s Brand v. Theory’s Brand

(27:15) Using Tech at the Core of Theory

(34:31) Asking the Right Questions in AI

(36:56) Predictions for 2026

Learn more about Sapphire Partners: sapphireventures.com/sapphire-partners

Learn more about OpenLP: openlp.vc

Learn more about Asylum Ventures: asylum.vc

Learn more about Top Tier Capital Partners: ttcp.com

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AI Agents Will Supercharge the Future of VC with Tomasz Tunguz

Origins: Inside Venture Capital