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Anton Osika, co-founder of Lovable, built the fastest-growing company in Europe, with $2M in ARR growth per week.
Lovable started as an open-source AI coding assistant called GPT Engineer before evolving into a full-fledged AI software builder.
Anton prioritizes talent over experience, believing young, ambitious hires outperform those with rigid past experiences.
A strong waitlist strategy and pre-launch traction helped Lovable gain millions of users quickly.
Anton rejected Y Combinator (YC) due to dilution concerns and instead raised $8M in a large pre-seed round.
Lovable’s retention (85%) outperforms ChatGPT’s, challenging the notion of AI software being unsustainable.
Plans to compete from Europe against US-funded giants, focusing on execution and talent efficiency.
AI-driven product development is experiencing hypergrowth, but success hinges on execution speed, talent selection, and clear product vision—not just massive funding.
Prioritize high-potential talent over experience. Young, ambitious hires often outperform experienced but rigid candidates.
Launch with a waitlist to control onboarding, qualify users, and gain early traction before scaling.
Reject conventional wisdom if it doesn’t fit your strategy—Lovable thrived without YC or an extensive launch campaign.
Focus on AI-enhanced productivity: A small team with the right tools can outcompete larger, well-funded firms.
Rapid iteration beats perfection: The first product version doesn’t need to be perfect—quickly iterate based on user feedback.
$2M ARR growth per week
85% month-one retention (higher than ChatGPT’s paid version)
40,000+ paying users within months
Rejected YC and raised $8M in pre-seed funding
Launched in November 2023, reaching millions in revenue by March 2024
Why is talent 10x more valuable than experience in early-stage startups?
How did Lovable’s waitlist strategy contribute to its explosive growth?
Why did Anton reject YC, and what were the pros and cons of that decision?
How does AI change the structure of software engineering teams?
Is AI SaaS revenue sustainable, or is it a short-term boom?
How can European startups compete against US-funded giants?
“Talent is more important than experience. You want ambitious, adaptable people—not those stuck in old ways.”
“You don’t need to be in Silicon Valley to build a category-defining company.”
“We rejected YC because it would be more dilution than acceleration.”
 | 20VC: Lovable on Hitting $17.5M in ARR in 3 Months | Adding $2.1M ARR Every Week | Hitting 85% Day 30 Retention: Better than ChatGPT | The Story of Europe's Fastest Scaling Company with Anton Osika Harry Stebbings | Entrepreneur | Investor | Blogger Episode |
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Alex Edelson, founder of Slipstream Investors, shares insights into venture capital strategy, fund diligence, and performance optimization.
Slipstream is a fund of funds, focusing on pre-seed and seed-stage investments in small funds ($100M and smaller), co-investing, and advising family offices on venture strategies.
Key diligence criteria for fund managers include strong portfolio construction, competitive advantage, demonstrated value add, credibility with later-stage investors, and long-term commitment.
Great VCs differentiate themselves through sourcing, picking, winning, adding value, and ensuring liquidity in their portfolios.
Challenges for emerging managers include fund size increases, team growth, and maintaining an edge.
The debate between generalist vs. sector-specific VCs is explored, with examples like QED’s fintech success.
Effective portfolio construction and fund economics are critical to sustaining strong performance over time.
To build a high-performing venture capital firm, GPs must cultivate a sustainable competitive advantage, focus on high ownership relative to fund size, master fund construction, and strategically leverage reserves to optimize long-term returns.
VCs must deeply understand their sourcing edge—whether through founder networks, domain expertise, or proprietary deal flow.
Competitive differentiation matters—winning the best deals requires clear communication of value add.
Great VCs are not just great pickers—they’re great at winning deals by building strong relationships with founders early.
Sector-focused funds can win if they maintain a first-mover advantage and provide unique support to founders.
Disciplined portfolio construction ensures high ownership relative to fund size, maximizing returns.
Reserves should be used strategically—not just to support struggling companies but to maintain meaningful ownership in top-performing startups.
Institutionalizing contrarian thinking can create a long-term edge in an increasingly competitive market.
Slipstream invests in 9-12 core funds, with 90% of capital in primary fund investments and 10% in scout/opportunity checks.
Small, early-stage funds often outperform large, well-known brands due to high ownership and niche expertise.
QED’s fintech-focused strategy enabled it to dominate a sector that was non-existent in 2008.
Avoid chasing deal heat—VCs should focus on conviction-based investments rather than following trends.
What defines a great VC versus a mediocre one?
How do top-performing VCs differentiate themselves in sourcing and winning deals?
How can venture firms maintain their competitive edge over multiple fund vintages?
What factors lead to VC underperformance, and how can they be avoided?
What role does portfolio construction play in long-term fund success?
“Great VCs don’t just pick well; they win the best deals by proving their value.”
“Some of the best-performing venture funds are small, early-stage funds with high ownership.”
“Winning in venture means building founder trust and securing long-term competitive advantages.”
 | E22: Alex Edelson of Slipstream on The 4 Sources of Alpha for Emerging Managers David Weisburd Episode |
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