Why This Investor Says the Whole VC Model Is in Crisis | Jenny Fielding

**Jenny Fielding** has returned three funds' worth of capital and backed two 2015 unicorns she's still holding 11 years later. So when she posted that early-stage VC's entire model might not survive the disruption cycles it's funding, founders listened… and almost no VCs commented. In this conversation with Brennan Pothetes, Everywhere Ventures' Managing Partner says the quiet part out loud: AI is collapsing tech innovation cycles faster than a 10-to-15-year fund can underwrite, the "tech moat" is mostly dead, and a founder just handed her back a Series A because he could see his own ceiling. They get into what's actually defensible now, why she runs 60-70 bets instead of 20, and why DPI is the only number that matters. It's a fast, spicy, no-spin look at where venture and company-building are headed from someone willing to bet her own portfolio on the answer. - • Why the 10-year fund model is in an "existential crisis" no one will name <!--THE END--> - • The real story behind the founder who returned a Series A check <!--THE END--> - • The four things still defensible after AI: brand, data, integrations, distribution <!--THE END--> - • Why she takes 60-70 bets when most early funds take 20-30 <!--THE END--> - • How small funds quietly out-earn the billion-dollar mega-funds on DPI <!--THE END--> - • The "why then" slide every founder is missing in their pitch <!--THE END--> - • Why she sat out Web3 and frothy AI rounds New episodes of Not Another Podcast drop every week. Subscribe so you don't miss the conversations other founders and VCs are too careful to have.