A Little Capital in the Right Places Can Move Whole Systems Forward
In complex industries, a small number of bottlenecks decide where value accumulates and where progress stalls.
We find those constraints and invest in startups positioned to resolve them.
THE PROBLEM
The bottlenecks that matter most are often hard to find.
There’s no shortage of capital. There’s no shortage of important problems. The hard part is knowing where a little capital solves the biggest problems.
They can sit upstream of symptoms, hide inside processes nobody is paying much attention to, and shift before anyone notices.
THE RESEARCH
Understanding a market means going much deeper than the market itself.
We deconstruct systems into the technologies, capabilities, infrastructure, institutions and other dependencies they rely on, then study how those pieces interact and change over time.
That’s where bottlenecks often become visible.
Since 2006
The research began at Intel and Harvard, and has been developing ever since.
Today
The research continues, with each new market adding to what we’ve learned about how companies and systems behave.
How we use it
Most of the work is our own, spanning investing and research. Some is done alongside companies and institutions, often working directly with researchers, scientists and technologists in fields far beyond our own.
