Winds of Change
The Weathergage Blog

The (Not So) Limited Partner

3/1/2017 by

First, let’s get something straight. General Partners of venture capital funds are responsible for setting strategy, making investment decisions, running their firms, and all other decisions that come from the many powers enumerated in a limited partnership agreement. In contrast, Limited Partners’ enumerated powers are few, but occasionally potent.  We are called Limited Partners for… Read More

The Path to 2017 – An Update on the VC Environment

1/13/2017 by

In keeping with traditions around the New Year, I’d like to look back on the way market conditions for venture backed companies changed in 2016 and then look forward in order to make a few observations about 2017. I’ll begin by laying out a framework that puts (some of) the events of 2016 into perspective.… Read More

The Unexpected Winner of the Distribution Derby

12/15/2016 by

IT-focused VC funds seem to attract all the attention, and most of the capital, of investors. Yet, if one is keeping score, one would be well served to check in on recent returns and distributions from Life Science funds. Many limited partners wrote off Life Science several years ago. At the time, it seemed to… Read More

A Glimpse Into the Weathergage 2016 Annual Meeting

12/2/2016 by

Weathergage Capital  Tim Bliamptis Shares A Peek through the VC Looking Glass  Tim Bliamptis: Watching the Waves Unfold – An Update on the VC Environment Binary Capital The Venture Space Through a VC’s Eyes – Fireside Chat with Binary Capital Jonathan Teo Talks About How Tech Waves Unleash Founder Creativity Jonathan Teo Shares His Views… Read More

Deep Dreams

9/14/2016 by

In my previous blog A(l)chemical Reactions, I drew an arc between the medieval proto-scientific philosophy of alchemy and self-driving cars. The connection wasn’t as tortured as one would think and it allowed me to get across two related ideas. First, important insights may come from unexpected places and applied in unexpected ways to unexpected things.… Read More

The Paradigm Shift Continues: Minding the Early A Gap

8/23/2016 by

By: Tim Bliamptis and Judith Elsea     Roughly ten years ago, the cost of developing software dropped precipitously. Not surprisingly, this drop in the cost of developing software made starting software companies extremely capital efficient. This shift created a very attractive opportunity for seed stage investors. Because these companies needed only modest amounts of… Read More

Shorter J-Curves Are the Silver Lining in Shorter Fund Cycles

7/21/2016 by

Many fund investors voice a preference for three and four-year fund raising cycles. Longer fund raising cycles allow the investor time to see previous funds mature, giving them greater confidence that their previous decision was the right one. Conversely, shorter cycles create a feeling of unease as two year old funds rarely have meaningful performance… Read More

(Al)chemical Reactions

6/23/2016 by

  Before there was modern chemistry, there was alchemy.   Alchemy was a complicated brew of science, proto-science, semiotics, mysticism and philosophy.  It was discredited centuries ago, perhaps partly because its adherents were obsessed with discovering what they called the Philosophers stone, a compound they believed could transform base metals like lead into gold.  The notion… Read More

Life Science – Gene Therapies Provide New Hope for Families

5/20/2016 by

I wanted to follow up my last post about breakthrough therapies with something a little less clinical and a little more personal. Last month I had the honor of attending a luncheon hosted by the Calliope Joy Foundation, which advocates for the care of children with leukodystrophy, with a particular focus on a variant known… Read More

Life Science – Regulation Gives Way to Innovation

4/22/2016 by

  Regular readers may recall a blogpost from February 2014 with the attention getting title Breakthrough Therapies will Transform Healthcare – and Healthcare Investing. It’s now more than two years later, and it’s fair to start asking if events have played out as predicted. Let’s start with the popularity of the program. From a standing… Read More

Weathergage is a nautical term that indicates a favorable position relative to the wind. In the Age of Sail, a ship that "had the weathergage" had a great advantage because it better controlled the time and sequence of battle.