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Is the AI boom creating extraordinary value—or a dangerous valuation bubble? In this episode of The Superlative Podcast, Edward Buchi speaks with Andrew Romans, General Partner of 7BC Venture Capital, for a first-principles look at how investors should value the world’s fastest-growing AI companies. They examine OpenAI, Anthropic, and Higgsfield—the AI video company that reports reaching a $1 billion annualized revenue run rate just 18 months after launch. Andrew and Edward discuss the assumptions behind today’s headline valuations, what venture capitalists and public-market investors look for, and where the market may be pricing in too much optimism. Topics include: · Are we in an AI bubble—or at the beginning of a durable technology supercycle? · How to value AI companies: growth, margins, retention, capital intensity, and competitive moats · Why annualized revenue run rate is not the same thing as different audited flavors of revenue · OpenAI and Anthropic: scale, infrastructure costs, and valuation expectations · Higgsfield’s extraordinary reported growth and what investors should scrutinize · How VCs and Wall Street approach private-market valuation differently · Where AI valuations may be justified—and where they may be overheated The Superlative PodcastWebsite: https://www.superlativepodcast.comYouTube: https://www.youtube.com/@TheSuperlativePodcastX: https://x.com/thespeakerlisan About 7BC Venture CapitalDirect VC Fund | Fund of Funds | Late-Stage Pre-IPO SPVs | VC Roadshows https://www.7bc.vc/Connect with Andrew Romans: https://www.linkedin.com/in/romans/ 7BC Venture Capital partners with leading venture capital firms and high-growth technology companies from early stage investing through growth and pre-IPO liquidity. #AI #ArtificialIntelligence #VentureCapital #OpenAI #Anthropic #Higgsfield #Startups #PrivateMarkets #Secondaries #7BC

E135: Category Creators—The Secret to Venture Success | Eric Ver Ploeg of Tunitas Ventures What separates an innovative startup from a true category creator? In this episode of Fireside with a VC, Andrew Romans speaks with Eric Ver Ploeg, founder and managing partner of Tunitas Ventures, about identifying startups capable of creating entirely new markets—and generating exceptional venture returns. Drawing on more than a decade of experience at firms including VantagePoint Venture Partners and Deutsche Telekom Capital Partners, Eric explains the seed-stage investment strategy he developed nearly ten years ago and continues to apply today. “I developed the strategy beginning with the end in mind, which is asking the fundamental question: Where do the great returns in venture come from?” — Eric Ver Ploeg THE POWER OF CATEGORY CREATION Category creators do more than improve existing products or compete within established markets. They give customers an experience that previously did not exist—often creating an entirely new industry in the process. Eric explains why these companies can be difficult to recognize at the seed stage and why investors must begin by understanding the customer’s unmet needs. “The key thing is to start with the customer. Does the customer get an experience that they could never have gotten any other way?” — Eric Ver Ploeg THE SOLO-GP ADVANTAGE Eric also discusses the advantages of operating as a solo general partner. This structure allows him to make decisive investments in unconventional, non-consensus opportunities that larger investment committees may overlook. He shares Zūm as an example of category creation within the transportation market and explains how independent decision-making can help a venture capitalist pursue bold ideas before they become obvious. “It helps to be a solo GP in this strategy, especially in these non-consensus kinds of things where you’re inventing new categories.” — Eric Ver Ploeg IN THIS EPISODE • Where the greatest venture capital returns come from• How to recognize a potential category creator• Why investors should begin with the customer experience• The benefits of being a solo GP• How non-consensus investments can produce exceptional outcomes• Why category creation matters more than incremental innovation Listen to the complete episode for Eric’s perspective on finding—and backing—the rare companies capable of redefining industries. Learn more about Tunitas Ventures:https://tunitas.vc/ UPCOMING 7BC EUROPEAN VC ROADSHOWS Apply here: https://www.7bc.vc/events OCTOBER 2026🇸🇪 Stockholm • 🇩🇰 Copenhagen • 🇳🇱 Amsterdam • 🇧🇪 Brussels • 🇱🇺 Luxembourg NOVEMBER 2026🇬🇧 London • 🇫🇷 Paris • 🇨🇭 Geneva • 🇮🇹 Milan • 🇨🇭 Lugano DECEMBER 2026🇩🇪 Frankfurt • 🇩🇪 Munich • 🇨🇭 Zurich • 🇨🇭 Geneva • 🇲🇨 Monaco If you are a VC, angel investor, fund manager, startup investor, family office or limited partner, contact 7BC to discuss: • Exercising your pro rata rights with us• Selling venture secondaries• Raising capital for your VC fund• Joining an upcoming European VC Roadshow Connect with Andrew Romans on LinkedIn:https://www.linkedin.com/in/romans/ 7BC Venture Capital | Partnering with VCs from early-stage investing through growth and liquidity. #VentureCapital #VC #AngelInvesting #PrivateEquity #Secondaries #VentureSecondaries #FundOfFunds #StartupInvesting #ProRata #Fundraising #FamilyOffice #LPs #EuropeanVC #7BC

🚀 Are you a VC or angel investor? Let’s partner. 7BC Venture Capital is actively partnering with venture capital funds and angel investors across four key areas: 🤝 PRO RATA CO-INVESTMENTSHave a breakout portfolio company raising its next round? We can provide capital to help you exercise your pro rata rights, while sharing economics with you. 💰 VC SECONDARIES Looking to generate liquidity or return capital to your LPs? We buy shares in high-quality venture-backed companies directly from VCs and other existing shareholders. 📈 FUND OF FUNDS INVESTMENTS Raising your next VC fund? Through our Fund of Funds, we invest in venture capital funds and build long-term relationships with top-performing managers. 🌍 EUROPEAN VC ROADSHOWS We bring select VCs with us across Europe to meet family offices, institutional investors, wealth managers, and other LPs. UPCOMING 7BC EUROPEAN VC ROADSHOWS 🇸🇪 🇩🇰 🇳🇱 🇧🇪 🇱🇺 September 2026 Stockholm • Copenhagen • Amsterdam • Brussels • Luxembourg 🇬🇧 🇫🇷 🇨🇭 🇮🇹 🇨🇭 October 2026 London • Paris • Geneva • Milan • Lugano 🇩🇪 🇩🇪 🇨🇭 🇨🇭 🇲🇨 December 2026 Frankfurt • Munich • Zurich • Geneva • Monaco If you're a VC, angel investor, fund manager, or startup investor, reach out to 7BC to discuss: • Exercising your pro rata rights with us• Selling venture secondaries • Raising capital for your VC fund • Joining an upcoming European VC Roadshow 🔗 Connect with Andrew Romans on LinkedIn: https://www.linkedin.com/in/romans/ https://www.7bc.vc/[email protected] 7BC Venture Capital | Partnering with VCs from early-stage investing through growth and liquidity. #venturecapital #VC #AngelInvesting #PrivateEquity #Secondaries #VentureSecondaries #FundOfFunds #StartupInvesting #ProRata #Fundraising #FamilyOffice #LPs #EuropeanVC #7BC

E133: In this episode of Fireside with the VC, Andrew Romans is joined by Chris Wilkerson, founder and GP of 51 Ventures. They discuss the booming sports tech industry, the importance of relationships in the sports ecosystem, and how understanding industry language is critical for venture success. Whether you're interested in sports technology, venture capital, or relationship-building, this episode offers valuable insights.  · What is sports tech? Understanding the industry beyond team ownership · Case studies of sports tech companies like We Played and Pisen · The role of relationships and trust in sports-related investments · The unique aspects of sports industry dynamics and language · The size and future potential of the sports tech market · Challenges of applying AI and automation in sports industries · How industry expertise and relationships create value for VC investors · The importance of understanding seasonality and revenue flows in sports startups · 51 Ventures – Chris Wilkerson’s firm focused on sports tech investments · We Played – Platformaggregating live sports video streams · Pisen – Wearable tech for athleteperformance and cognitive monitoring · Sideline – Recruitment andcontent distribution platform for sports Connect with Chris Wilkerson: · LinkedIn: https://www.linkedin.com/in/chriswilkerson51/ · Twitter: https://twitter.com/chriswilkerson · email: [email protected] Connect with 7BC Venture Capital: Direct VC Fund  |  Fund of Funds  |  Late-Stage Pre-IPO SPVs |  VC Roadshows   Apply for Funding for your startup from our Direct VC fund, for your VC from 7BC Venture Capital’s Fund of Funds. Accepting applications for 5 VCs to join 7BC on our next three VC Roadshows where we meet 150+ LPs in 5 days on each tour.   Upcoming European VC RoadshowsSeptember 2026Stockholm • Copenhagen • Amsterdam • Brussels • Luxembourg October 2026London • Paris • Geneva • Milan • Lugano   December 2026 Frankfurt • Munich • Zurich • Geneva • Monaco   · VC Roadshows: https://www.7bc.vc/events · LinkedIn: https://www.linkedin.com/in/romans/ · X: https://x.com/romansventures · Contact: https://www.7bc.vc/

The one clause most founders forget to negotiate — and the family-office investor who's quietly used it for decades to protect capital and engineer better exits. Andrew Romans (7BC Venture Capital) sits down with Arthur Bavelas, founder of Family Office Insights, to unpack information rights — the deceptively simple legal provision that decides who gets paid, who gets stuck, and who actually gets to sell their shares. In this conversation: — Why information rights aren't just for investors, and how founders can negotiate them for themselves — The secondary-sale scenario where a missing clause costs founders real money — How VCs structure Layer 1 vs. Layer 2 SPVs and orchestrate "final close" tactics — A Steve Jobs–era story on how transparency rights changed an outcome — What LPs should ask before they wire In a market where deal structure quietly decides winners and losers, the people who understand these levers walk away with more. Arthur and Andrew break it down in plain English. About the guest: Arthur Andrew Bavelas is founder of Bavelas Group Family Office and Family Office Insights. About the host: Andrew Romans is General Partner at 7BC Venture Capital and author of three books on VC. 7BC European Roadshow this June — Frankfurt, Munich, Zurich, Geneva, Monaco. VCs and LPs welcome: https://www.7bc.vc/events

Fireside with a VC E131: Discover how Tyson Tuttle, CEO of Circuit AI, is leveraging AI to revolutionize manufacturing, supply chain, and enterprise workflows. This conversation covers strategic company growth, technological innovation, and the future trajectory of AI-enabled industrial solutions. · Tyson Tuttle's journey from semiconductor leadership to AI entrepreneurship · The application of AI in manufacturing and supply chain optimization · Strategies for go-to-market, customer engagement, and scaling of AI solutions · The role of VC funding, growth plans, and long-term vision for Circuit AI · Insights into Texas's evolving financial and manufacturing ecosystem · Tyson shares his experience leading Silicon Labs through $3.5B IPO and $8B acquisition · Details Circuit AI’s focus on automating technical workflows within manufacturing · How AI transforms complex sales processes, CPQ, and technical data management · The importance of land-and-expand strategies inenterprise AI deployment 00:00 - Introduction: Tyson Tuttle’s background and recent successes02:29 - Silicon Labs IPO and strategic pivot into IoT04:51 - Transition from hardware to AI software solutions07:14 - Founding Circuit AI with co-founder Matt Weiss09:09 - Building a strong leadership team and company culture 11:23 - Circuit AI’s focus: Enabling manufacturing with AI12:52 - The value of AI in technical document understanding and automation 14:21 - Targeting manufacturing and supply chain for AI application 15:38 - Impact of AI on manufacturing workforce and productivity18:05 - Automating front-end sales workflows with AI (CPQ & quotes)19:58 - Reducing manual workflows, onboarding, and scale strategies23:01 - Use cases: Contract review and document analysis in supply chain24:37 - Long sales cycles in manufacturing and strategies to shorten them26:46 - Land-and-expand approach with large manufacturing clients28:08 - Cost savings and productivity improvements (Culligan case study)29:55 - Importance of user adoption and ROI in AI deployment31:21 - VC interest in rejuvenating American manufacturing33:28 - Differentiators: Vertical focus, manufacturing-specific solutions35:23 - Company financing and future fundraising plans36:39 - Vision for Circuit AI: Growth, customer acquisition, and vertical expansion38:05 - Implementation and scaling of AI-powered CPQ systems41:23 - Building Texas's financial ecosystem via Texas Stock Exchange44:27 - Texas's advantages over traditional markets and regulatory environment 45:47 - Closing remarks: Exciting outlook for AI-driven manufacturing · Circuit AI https://www.circuit.ai/ · Texas Stock Exchange [email protected]          If you are a VC or LP join the next 7BC European Roadshow with stops in Frankfurt, Munich, Zurich, Geneva and Monaco this June. ⁠https://www.7bc.vc/events

In this episode of Fireside with a VC, Andrew Romans explains how VC secondaries really work in large private companies — and how buyers and sellers can avoid common mistakes. We cover: · Secondaries vs. primaries · Stock transfer permissions and why deals get blocked · ROFRs and the ROFR price · Direct to cap table vs. layered SPV structures · How to calculate the all-in cost (with or without carry) · Fake brokers, daisy chains, and wasted time · Liquidity post-investment This episode draws on 20 years of experience, 70 SPVs, and five pooled VC funds. 🎙️ More episodes: https://www.7bc.vc/podcast 👉 Events: https://www.7bc.vc/events✅ Apply: https://lu.ma/user/usr-8Y0b18KjVLZhAPm📩 Contact Andrew: [email protected] Important: This content is for informational and relationship management purposes only. It is not an offer to sell or a solicitation of an offer to buy any security. Any offering will be made only to eligible investors, through private communications, pursuant to applicable offering documents, and only where permitted by law.

E129 — Silicon Valley Real Estate – Selling Google their first building - Barry DiRaimondo, CEO, SteelWave In this episode of Fireside with a VC, I sit down with Barry DiRaimondo to understand the history, present and future of Silicon Valley real-estate market from a lifetime veteran who sold Google their first building.   The story of selling Google their HQ buildingIs Commercial RE a hard asset, a financial asset, or asocial asset?What is the difference between design and architecture?How has the workplace evolved over time?How technology real estate differs from other real estate. How to think about risk? What types of risks CAN be underwritten and what types CAN'T be underwritten? Lessons learned from those that CAN'T be underwritten?The future of the industry going forward and compare that towhere its been.Upcoming live events — Global VC Demo Day (VC–LP Tour) 👉 Register and view dates: https://www.7bc.vc/events📌 Next stops include: Dallas, Zurich, Geneva, Munich, San Francisco, Austin, New York, Singapore, Berlin, and London.Apply to attend: https://lu.ma/user/usr-8Y0b18KjVLZhAPm All episodes: https://www.7bc.vc/podcastWatch this episode on YouTube: https://youtu.be/IGbVQYRDV0k?si=d7SgBXcHYHs1jpW_Contact Andrew Romans if you are an active LP interested in investing in VC funds and would like to join us at VIP luncheons, dinners, or Global VC Demo Day events. [email protected]

In this episode of Fireside with a VC, I sit down with Biju Ashokan, CEO of Radius, to unpack how AI and automation are reshaping the real estate agent workflow—from lead to close. We discuss: · How AI and automation can help agents buy or sell five times more properties per year (in the right operating model). · What an “always-on” assistant looks like: proactively sourcing inventory, matching buyers and sellers, drafting complex documents, and handling back office tasks—so agents can spend more time on relationships and closing. · What is changing in the US real estate and brokerage industry. · Why the number of agents may decrease, while productivity and income per agent may rise. Learn more about Radius · Website: https://www.radiusagent.com/ · Contact: Biju Ashokan (CEO) — [email protected] Upcoming live events — Global VC Demo Day (VC–LP Tour)👉 Register and view dates: https://www.7bc.vc/events📌 Next stops include: Dallas, Zurich, Geneva, Munich, San Francisco, Austin, New York, Singapore, Berlin, and London.Apply to attend: https://lu.ma/user/usr-8Y0b18KjVLZhAPm · All episodes: https://www.7bc.vc/podcast · Watch this episode on YouTube: https://youtu.be/PSX2bxFjNr4 Contact Andrew Romans if you are an active LP interested in investing in VC funds and would like to join us at VIP luncheons, dinners, or Global VC Demo Day events. [email protected]

In this episode of Fireside with a VC, I sit down with Simo Lemhandez, CEO, Folk We discuss: CRM built today with native-AI technology. How one CRM draws data from email, CRM, WhatsApp, meeting notes and more. Integrating data enrichment, mining your data, sending email sequences and follow up reminders all in one dynamic application. How CRM can become a virtual assistant. Allowing CRM to do much of your busy work combining many expensive static software suites into one central application. Start your 2-week free trial here: https://www.folk.app/.   Upcoming Live Events  Global VC Demo Day VC–LP tour 👉 Register here: https://www.7bc.vc/events 📌 Next stops on our global tour include Dallas, Zurich, Geneva, Munich, San Francisco, Austin, New York, Singapore, Berlin, and London. Check dates and availability: https://www.7bc.vc/events. Apply to attend our upcoming events: https://lu.ma/user/usr-8Y0b18KjVLZhAPm Find all Fireside with a VC episodes at: https://www.7bc.vc/podcast. Find this episode on YouTube: https://youtu.be/cCWlvnVJirY.   Contact Andrew Romans if you are an active LP seeking to invest in VC funds and would like to join us at any of our VIP luncheons, dinners, or sunset yacht cruises, or Global VC Demo Day events.

In this episode of Fireside with a VC, I sit down with FabriceGrinda, founder of FJ Labs investing in seed at scale : 3 investments per week We discuss: Valuations of AI Seed to Series A startups All things market places, take rates, valuations, exits Secondaries, how to sell, when and how much Take rates and how to layer revenue on a marketplace Why the seed VC market outperforms the growth market   Global VC Demo Day Miami – Art Basel 👉Register here: https://luma.com/ulz95tfo Contact Andrew Romans if you are an active LP seeking toinvest in VC funds and would like to join us at any of our VIP luncheons, dinners, or sunset yacht cruise during Art Basel Miami, December 4–7, 2025. 📌 Next stops on our global VC–LP tour include Dallas, Zurich, Geneva, Munich, San Francisco, Austin, New York, Singapore, Berlin, and London. Check dates and availability: https://www.7bc.vc/eventsApply to attend our upcoming events: https://lu.ma/user/usr-8Y0b18KjVLZhAPm

In this episode of Fireside with a VC, I sit down with Arvin Grover, General Partner at Digital Health Venture Partners (DHVP), to dive into how AI is reshaping healthcare and where the biggest opportunities are for founders and investors. We discuss: · Why roughly 22% of the healthcare sector has adopted AI compared to 9% in the broader economy · The most compelling use cases for AI across the healthcare value chain · How targeted AI solutions and sector-focused innovation can rejuvenate America’s competitiveness · What it takes for a digital health–focused venture fund to thrive (or fail) under shifting market conditions 📧  Connect with ArvinLinkedIn: https://www.linkedin.com/in/arvin-grover/Email: [email protected] on YouTube: https://youtu.be/uB9xhrFQVe8 Meet Arvin Grover at 7BC’s Global VC Demo Day in Miami during Art Basel on December 4, 2025, alongside 100+ VCs, family offices, institutional investors, HNWIs, startups, and more. Join us for a 2-hour networking reception following 7 hand-selected VCs presenting their funds. 👉 Register here: https://luma.com/ulz95tfo Contact Andrew Romans if you are an active LP seeking to invest in VC funds and would like to join us at any of our VIP luncheons, dinners, or sunset yacht cruise during Art Basel Miami, December 4–7, 2025. 📌 Next stops on our global VC–LP tour include Dallas, Dubai, San Francisco, Austin, New York, Singapore, Berlin, and London.Check dates and availability: https://www.7bc.vc/eventsApply to attend our upcoming events: https://lu.ma/user/usr-8Y0b18KjVLZhAPm

This video explains how a VC Fund of Funds (FoF) works. It explains how we raise LP capital from investors, how cash is paid into the fund and how cash is paid back to LPs. I explain how the management fees and carry work, how this compares to a classic VC fund that invests directly in startups, how the risk is lower, how the payments back to LPs are expected to be much steadiers, multiples, and other ways to compare an FoF to a VC fund and how they work together.

This video / episode is NOT for my usual audience, but explains how venture capital works to someone who is new to VC. We recently had new LPs invest in our VC funds, and they were not clear about how VC differs from a hedge fund. They were not clear on how they pay their cash into the fund, how the management fees and carry / performance fee work, and how we make cash distributions back to them, and how they get their money back and are paid profits. This video explains how classic VC works, how 2&20 works, and how and when distributions are made when we sell shares from IPO, M&A, or secondary transactions.

In this episode of Fireside with a VC, I sit down with John Frankel, founder and partner at ff Venture Capital, to discuss: · The rise of AI Point Solutions (AIPS) · ff VC’s new fund driving innovation in energy and manufacturing · How VC fund size and strategy influence performance across different economic cycles John shares insights on how targeted AI solutions and sector-focused innovation can rejuvenate America’s competitiveness — and what it takes for a venture fund to thrive or fail under shifting market conditions. Upcoming Live Event Hear John present his fund strategy at 7BC’s Global VC Demo Day in New York City on September 17th, 2025, alongside 100+ VCs, family offices, institutional investors, HNWIs, startups, and more. Join us for a 2-hour networkingreception following 7 hand-selected VCs presenting their funds. 👉 Register here: https://lu.ma/f3qxubi5📌NYC is the 4th stop of our global tour. Apply to attend our upcoming events: https://lu.ma/user/usr-8Y0b18KjVLZhAPm Global Tour Dates🍎 New York City – September 17, 2025 – Host: Brown Rudnick🇺🇸 Washington DC – September 25, 2025 – Host: Foley (all-star VC panel + networking, not VC Demo Day)🇨🇱 Austin – October 14, 2025 – Host: CBRE🇺🇸 San Francisco – October 29, 2025 (Day after TechCrunch Disrupt) – Host: Greenberg Traurig☀️ Los Angeles / Santa Monica – November 5, 2025 – Host: ExpertDOJO🌴 Miami – December 4, 2025 (During Art Basel, Dec 3-7)🇦🇪 Dubai – February 2026🇨🇱 Austin – March 18, 2026 (SXSW VC-LP mixer – no VC Demo Day) – Host: CBRE🍎 New York City – April 2026 – Host: Brown Rudnick🇺🇸 San Francisco – April 2026 – Host: Greenberg Traurig🇸🇬 Singapore – May 2026 – Host: Greenberg Traurig🇩🇪 Berlin – June 11, 2026 (Day after SuperVenture)🇬🇧 London – June 16, 2026 – Host: Brown Rudnick