In this episode of Nothing Ventured, host Ari Shah welcomes Irena Spazzapan, Managing Partner at Systemic Capital, a venture capital fund focused on addressing planet-scale challenges through technology. Irena shares her journey from Goldman Sachs to venture building, emphasising the importance of software-first, asset-light models in tackling climate issues like decarbonisation and electrification. The conversation delves into the regulatory landscape surrounding physical technologies, the necessity of proactive investment strategies in a power law-driven industry, and the potential implications of shifting funds from money markets as interest rates change. Irena also discusses the dynamics of specialised funds in Europe and their impact on local investment landscapes. Tune in for insights on navigating the intersection of technology and climate solutions.

Timestamps:
00:00:00 - Introduction to the Podcast and Guest
00:00:10 - Irena Spazzapan's Background and Systemic Capital
00:00:31 - Climate Solutions and Investment Strategies
00:00:43 - The Role of Regulation in Venture Capital
00:01:00 - Power Law in Venture Capital
00:01:22 - Money Markets and Interest Rates
00:01:41 - Local Strong Funds in Europe
00:02:12 - VC as a Boys' Club
00:02:23 - Call to Action for Podcast Engagement
00:02:46 - Importance of Macroeconomics in Venture Capital
00:03:18 - Interaction Between Physical World and Software
00:05:13 - Examples of Electrification and Physical AI
00:06:19 - AI and Automation in Manufacturing
00:07:22 - Space and Planet-Scale Solutions
00:07:41 - Team Experience in Power and Commodities
00:08:12 - Impact of Macroeconomics on Venture Capital
00:09:13 - Importance of Short-Term Fundraising
00:09:35 - Potential Future Macro Trends
00:10:44 - Impact of War and Defense Tech on Venture Capital
00:11:05 - Avoiding Government Sales and Defense Investments
00:11:26 - The Fourth Turning and Societal Shifts
00:12:15 - Future of AI and Automation
00:12:37 - Societal Acceptance of Technological Shifts
00:13:41 - China's Advancements in Technology
00:14:16 - Robotic Football Teams and AI Progress
00:14:57 - Regulatory Differences Between China and the West
00:15:21 - Observations from Visiting China
00:16:01 - Misconceptions About China's Technological Capabilities
00:16:41 - Europe's Position Between the US and China
00:17:22 - Fragmentation of European Markets
00:18:09 - Power Law vs. Discipline in Exits
00:18:38 - Importance of Planning for the Worst
00:19:03 - Identifying Rocket Ships and Middle Ground Companies
00:20:39 - Creating DPI with Middle Pack Companies
00:21:06 - Explanation of DPI and IRR
00:22:02 - IRR vs. Multiples in Venture Capital
00:23:03 - Impact of Interest Rates on Venture Capital
00:24:34 - IPOs and Market Opportunities
00:25:18 - Public Investors' Attitude Towards Tech in Europe
00:26:18 - Challenges of Expanding Fund Size
00:27:00 - Building Value-Generative Portfolios
00:28:28 - Helping Companies Find Better Homes
00:29:25 - Transatlantic Strategy and Avoiding Continental Europe
00:30:11 - Challenges of Competing with US Tier 1 Funds
00:31:14 - Efficiency and Productivity in Investment Strategy
00:32:01 - Publicly Funded Specialist Funds in Europe
00:32:32 - Penetrating Local Ecosystems
00:33:17 - Deal Flow and Focus in the UK
00:34:01 - Inbound Opportunities from Europe
00:34:23 - Impact of US Firms Entering Europe
00:34:48 - Collaboration with Generalist Funds
00:35:10 - Challenges of Diluting Focus with a Small Team
00:35:46 - Importance of Maintaining a Consistent Strategy
00:36:36 - Barriers to Entry in Asset Management
00:37:32 - Women in Venture Capital and Herd Mentality
00:38:24 - Impact of Downturns on Women in VC
00:39:00 - VC as a Boys' Club
00:39:42 - Building a Different Culture in VC Firms
00:41:11 - Fitting In vs. Bringing Your Own Dynamic
00:42:03 - Managing Sharks in the Industry

FindIrena Spazzapan online at:

LinkedIn:https://www.linkedin.com/in/irena-spazzapan-741a53/
Twitter: https://x.com/ISpazzapan
Systemiq Capital: https://systemiqcapital.earth

This episode is sponsored by EmergeOne, fractional CFOs for venture backed tech startups from Seed to Series B.
Get in touch at https://emergeone.co.uk/contact-us/ or join the CFO team at https://emergeone.co.uk/join-the-cfo-team/

Sign up for EmergeOne’s weekly newsletter, Off Balance at https://off-balance.beehiiv.com/subscribe


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