Josh Kopelman, Founder of First Round Capital and Half.com, on Why Buying Anthropic, OpenAI, and SpaceX Is a Cyclical Trade, Catching the Last Chair in the Dot-Com Game, and Earning Tens of Millions in Free Media with Viral Marketing

Entrepreneurship and venture capital evolve through cyclical patterns of exuberance and correction, requiring founders to build their own maps rather than following traditional paths. Josh Kopelman, founder of First Round Capital, highlights that marketing creativity—such as the unconventional stunts used to launch Half.com—often outperforms traditional advertising. While current venture capital trends favor "cyclical trades" in trillion-dollar AI companies, the seed stage remains an evergreen business focused on identifying potential in people and problems. AI is fundamentally shifting the barrier to entry, as natural language increasingly replaces technical coding, allowing non-technical founders to build software. Beyond capital, the venture model relies on providing unvarnished opinions paired with unwavering support, helping founders navigate the "unknown unknowns" of building enduring companies. This approach extends to broader societal challenges, where advocacy and truth-seeking remain essential in an era of fragmented narratives.