20VC: The Venture Model is Broken | You Need to be Greedy and Selfish to Win Early Stage Investing | Why Margins Do Not Matter for Early-Stage Startups | The Growth Rate that is Required in a World of AI with Gili Raanan, Founder @ Cyberstarts

Gili Raanan, a veteran cybersecurity investor, joins Harry Stebbings to discuss the current state and future of venture capital, particularly within the cybersecurity market. Raanan expresses skepticism about the venture business's overall structure, pointing out the uneven distribution of returns and the potential for a "serious catastrophe" due to inflated entry prices. He highlights the increasing fund sizes and questions whether mega-funds can achieve venture-like economics. He also touches on the importance of retaining talent through secondary sales, citing CyberStarts' Employee Liquidity Fund as a solution. Raanan emphasizes that while frameworks can be helpful, investors should ultimately trust their instincts and focus on the deals they've made.