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Deals, Fails, Success Stories: Mein Blick auf die Startup-Welt.
Venture capitalists are investing billions into artificial intelligence, betting that AI will fundamentally transform almost every industry. From software development to healthcare, finance and manufacturing, few sectors are expected to remain untouched. But there’s an uncomfortable question the venture capital industry should be asking itself: Why would our own business be any different? The discussion usually…
Quantum computing is suddenly attracting serious capital again. More than $4 billion of venture capital has flowed into quantum companies this year, almost as much as during all of last year. The change in sentiment is significant: quantum is moving from a technology that was perpetually “five years away” toward something investors increasingly believe could…
Four-year vesting with a one-year cliff has become the default for startup founders. It sounds sensible, it is widely used, and at the time of incorporation there are usually more urgent things to worry about. The problem is that founder vesting often gets designed around the wrong question: What happens if someone leaves after six…
The new Swiss Scale-Up Report 2026 shows a remarkably strong growth-company ecosystem. The bigger question is who finances — and ultimately owns — the next stage of that growth. Switzerland has become very good at creating ambitious technology companies. The new Swiss Scale-Up Report 2026 identifies 265 Swiss scale-ups with a combined valuation of around…
Venture capital is going through another round of criticism. Travis Kalanick recently argued that even “do no harm” is a high bar for a VC, and that only around one percent of investors are genuinely helpful. It is a provocative statement, especially coming from someone who has relied heavily on venture capital throughout his career.…
For years, the startup playbook was fairly straightforward: start with a strong idea, build a team, raise capital early and grow as quickly as possible. For software companies, that approach made sense because even getting to a solid first product often required significant resources. AI is changing that equation. Small teams can now build, test…
There is a strange paradox emerging in venture capital. AI may become one of the greatest investment opportunities of our generation, but the more convinced investors become of that outcome, the more concentrated the venture market appears to become. According to PitchBook data cited by Axios, OpenAI and Anthropic alone reportedly attracted more than 60…
One number stood out in venture capital this week: $47.4 billion was invested in so-called Physical AI companies in the first half of 2026 alone, across 521 deals. That is almost four times as much as in the second half of 2025 and roughly 80% more than in the first half of last year. Even more…
In my latest BILANZ column, I wrote about a question that is becoming impossible to ignore: does the traditional venture capital model still work? VC depends on a simple promise: investors lock up capital for a decade or more, accept high risk and illiquidity, and receive outsized returns in exchange. But in today’s market, many…
SPVs — special purpose vehicles — are becoming increasingly popular in venture and tech investing. Their promise is simple: they give investors access to private companies they might not otherwise be able to invest in directly. That sounds attractive, especially when the company is a hyped pre-IPO candidate. Think SpaceX, Anthropic, Stripe, or in Europe,…
