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There is a map sitting at the center of global finance right now — and it is being redrawn in real time.

At the Milken Institute Global Conference 2026, five of the most influential voices in fintech gathered to explain exactly how. Moderated by Nicole Valentine, Senior Director of Fintech at the Milken Institute, the panel brought together Roberto Campos Neto, Vice Chairman and Global Head of Public Policy at Nubank and former President of the Central Bank of Brazil; Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation; Nigel Morris, Managing Partner of QED Investors and co-founder of Capital One; Haseeb Qureshi, Managing Partner of Dragonfly, the crypto venture fund that recently closed a $650 million fund; and Barry Silbert, Founder and CEO of Digital Currency Group and founder of Grayscale.

The conversation ranged from São Paulo to Accra, from the GENIUS Act to agentic AI commerce, from $340 billion in stablecoin supply to the existential threat facing 4,250 of America's 4,300 community banks. What emerged was not a prediction, but a verdict: the architecture of global finance is being rebuilt, and the window for incumbents to respond is narrowing fast.

From Fifty-Five Percent to Eighty-Eight: The Brazil Blueprint

Roberto Campos Neto opened with a data point that framed everything that followed. When he joined the Central Bank of Brazil, bank account penetration — what economists call "bankarization" — stood at fifty-five percent. Today, Brazil sits at eighty-eight percent. That thirty-three percentage point shift did not happen through branch expansion. It happened through Pix, Brazil's instant payment system, and through the explosion of digital finance that it enabled.

The lesson, Campos Neto argued, is replicable. Mexico currently sits at fifty-five percent bankarization — the same starting line Brazil stood at a decade ago. The infrastructure exists. The playbook has been written. The question is whether the political and regulatory will can be assembled in time.

Nubank is the most visible proof of concept. Having surpassed 127 million customers globally as of late 2025 — with 110 million in Brazil alone, representing roughly 61% of the country's adult population — the company has become the largest digital bank on the planet. Its net promoter scores consistently register in the nineties, a figure that Nigel Morris, who has spent four decades in financial services, called "Herculean." "You don't just get there by trying," Morris said. "You have to have perfect product market fit, wonderful execution. You have to be really solving the problems that the consumers have."

That problem-solving orientation, Campos Neto noted, is now being coded into the infrastructure itself. Brazil's open finance system allows any Nubank customer to migrate all their data — and all their financial products — across institutions with two clicks. Real-time comparability and portability, at scale. "The value of data is completely underestimated today," he said.

Stablecoins: Not Just a Technology — A Cultural Revolution

If Brazil's bankarization story represents what fintech has already accomplished, stablecoins represent what comes next. And according to Haseeb Qureshi, the frame most analysts use to understand them is fundamentally wrong.

"Stablecoins are not just a technological innovation," Qureshi said. "They might be even more so a cultural innovation." The distinction matters. What stablecoins have achieved — and what the GENIUS Act, signed into law in July 2025, has now formalized — is a world in which any person, anywhere, with a mobile phone, can hold US dollars and send them instantaneously to anyone else on the planet. No bank account required. No correspondent banking fees. No waiting three to five business days.

The GENIUS Act, the first federal stablecoin legislation in the United States' history, established a regulatory framework that requires 100% reserve backing with liquid assets and mandates monthly public disclosures. Critically, permitted payment stablecoins are not classified as securities. What it created, in Qureshi's framing, is a permission-less financial primitive: "You create a wallet, a cryptographic key, and now you have money. That's it. Beginning and end."

The scale is staggering. The stablecoin market surpassed $320 billion in April 2026 and continues to accelerate, with projections toward $1 trillion by end of year. More telling than the aggregate number is its composition: 99.8% of all stablecoins in existence are denominated in US dollars. The United States is not just participating in the stablecoin market — it is the stablecoin market.

Former Treasury Secretary Scott Bessent has projected stablecoins could reach $2.7 trillion by the end of the decade — roughly 15% of M2 money supply. "At that point," Qureshi said, "this is not an experiment. This is the future of the way that dollars are going to be traveling around the world."

But Qureshi's framing goes further than economics. He situates stablecoins within a broader geopolitical shift — a move toward a more multipolar, decentralized world order. The moment Russia's dollar reserves were frozen during the Ukraine war, he argued, was the "shot across the bow" that made every central bank viscerally aware that the US dollar was a political tool. Stablecoins offer a different architecture: dollar exposure without dollar dependence on the goodwill of any sovereign actor. "Stablecoins transfer power from governments to individuals," he said plainly.

Africa, Asia, and the Last-Mile Revolution

The permission-less quality of blockchain rails is not an abstraction in emerging markets — it is the difference between access and exclusion.

Denelle Dixon, whose work at the Stellar Development Foundation spans the African continent extensively, illustrated the problem with precision. A content creator in Africa who wants to receive payment from YouTube, TikTok, or Facebook needs a US dollar bank account. Getting a US dollar bank account requires establishing a US address. That means physically traveling to the United States — a requirement that is economically and logistically impossible for most creators on the continent.

"That's just not workable," Dixon said. The solution Stellar has helped build: US dollar virtual accounts that allow creators to receive payments in USD, convert to local currency through local rails that handle KYC and AML compliance, without ever leaving the continent. "It is remarkable and game changing," she said. "It equalizes the playing field."

The same infrastructure is transforming SME financing. Businesses that previously had no access to capital markets can now raise crowdsourced funding on-chain. Cross-border payments that once took days and cost double-digit percentages of transaction value now settle in seconds for a fraction of a cent. Dixon cited Stellar's benchmark: less than 1/100th of a penny to send value on the network, settling in under one second.

Nigel Morris underscored this with QED's portfolio. The firm led the Series A in Remitly a decade ago, betting on digital-first international money transfer. Remitly and Wise together dismantled the physical money transfer corridor business that Western Union and MoneyGram had dominated for generations. Now a second generation has emerged: Felix Pago, a QED portfolio company focused on the US-Mexico corridor, uses WhatsApp as its onboarding and transaction interface — meeting migrants exactly where they already communicate.

"The pipes are increasingly becoming stablecoins," Morris said. "Real time, 24/7, immutable audit trails, virtually no cost."

Institutional Legitimacy: The Franklin Templeton Moment

The signal that institutional finance had arrived came not from a bank, but from a 75-year-old asset manager. Franklin Templeton built its Benji money market fund on the Stellar network — without ever notifying the Foundation first. "They picked the tech stack on their own," Dixon recounted. "They didn't talk to us beforehand. That is what open technology allows. That is permissionless."

The fund launched five years ago. By April 2026, the Benji suite had crossed $1.98 billion in assets under management, with nearly $480 million on the Stellar blockchain. The SEC's decision to allow peer-to-peer transfers of fund shares has opened a new dimension: investors can now hold the fund for minutes, earn pro-rata interest, and transfer shares to any counterparty without clearing through traditional custodians.

"You can go in, you hold the asset for three minutes, you go out of it, you get your interest for those three minutes," Dixon explained. "This is the value of what the technology allows."

For Barry Silbert, this is merely the opening act of a much larger transformation. "The next big thing is going to be tokenization," he said. "At some point in the future, my belief is every investable asset — the ownership of that asset is going to be recorded on the blockchain." The implication is a collapse of the public/private and US/non-US market distinctions that have governed capital formation for decades. "We're going to go from this idea of public versus private, US markets versus non-US markets, to a global level playing field for capital formation."

The Dollarization Dilemma

Not everyone in the room was purely celebratory. Campos Neto, who spent six years as Brazil's central banker, introduced a crucial counterweight that frames the challenge for family offices and sovereign investors watching these dynamics.

Stablecoin adoption is growing 200–300% annually in emerging markets, he noted — and the primary driver is not transactional utility. When his team analyzed Brazilian stablecoin usage, they found the turnover rate of stablecoins was one-fourth that of quasi-money. People were not buying stablecoins to transact. They were buying them as a cheap way to hold US dollar accounts. The less convertible a local currency, and the more volatile an economy, the faster stablecoin adoption grows.

This creates a structural risk for smaller economies. "If you look at some of the smaller countries," Campos Neto said, "it is growing to an extent that is going to start hurting the credit function of the economy." When domestic savings dollarize at speed, local banks lose the deposit base that enables them to extend credit. Monetary policy — the primary lever central banks have to stabilize economies — becomes progressively less effective.

Silbert framed this as the dark side of a system that is otherwise deeply liberating: giving the US Treasury the ability to effectively expand the dollar supply globally, while eliminating the monetary policy sovereignty of smaller nations. "I don't think a lot of people are thinking about the negative effects of a US dollarized world," he said.

Dixon's response: the answer lies in the design of the last mile. Ghana, for example, has developed the ability to receive US dollar stablecoins and convert them directly to mobile money — preserving local economic participation without sacrificing access to dollar stability. Tokenized government debt — "stable bonds" that export sovereign debt to international holders on-chain — represents another tool: investors can hold exposure to a local currency government bond without the friction of FX conversion, maintaining demand for local currency instruments even in a stablecoin-dominant world.

Agentic Commerce and the Value Economy

The newest frontier surfaced in the panel's final act: the collision between agentic AI and financial services. Nicole Valentine framed the question simply — can you give your finances to an AI agent that makes purchases for you? Who is liable when the agent transacts?

Campos Neto offered a framework that recontextualizes the entire conversation. If token usage — computational access — is becoming the new monetary unit (as evidenced by engineers negotiating token allocations alongside salary and bonus), then the binding constraints of the future economy are energy and compute, not capital or credit. In a fully tokenized economy, every asset traffics on-chain in programmable form, and the monetary unit itself is tied to productive infrastructure.

Dixon connected the AI thread back to Stellar's own roadmap. Standards like MCP and X402, already integrated into Stellar, are building the payment rails for agentic commerce — enabling AI agents to transact on behalf of users across the open web. "We're going to have an agent that comes back to you with a web view," she said. "You're not probably going to eventually go to the web yourself." The attention economy — built on eyeballs — gives way to the value economy, where agents transact autonomously and micropayments flow at the infrastructure layer.

Silbert pointed to Bittensor, a decentralized network in DCG's portfolio, as the infrastructure layer for this future: a blockchain-based system that uses the TAO token to incentivize contributions of compute, data, and storage — effectively a decentralized marketplace for AI intelligence. "The future of AI," he said, "is going to hopefully be built and innovated not in the walls of an OpenAI or Anthropic, but in a decentralized way."

The Fifth Age — And the 4,250 Banks That Won't Survive It

Nigel Morris has a specific number on the competitive threat facing US banking. QED's latest report with McKinsey, which defines the current moment as the "Fifth Age of Fintech," provides the arithmetic: global fintech revenues reached approximately $650 billion in 2025, growing at 21% year-over-year, against incumbent revenue growth of 6%. Fintechs currently hold roughly 4% market share of the $15.5 trillion global financial services revenue base. By 2030, at the current differential in growth rates, that share reaches 10%.

Meanwhile, 21 fintechs applied for US banking charters in 2025 alone — more than in the previous four years combined. Global challengers like Nubank, Revolut, Klarna, and Monzo have now built profitable, high-growth businesses with net promoter scores that dwarf incumbents. They are arriving in the US with proven playbooks, banking licenses, and AI-powered operations. "Arm them with agentic AI, and they're based in Delaware," Morris said. "They can issue credit cards with their export rates, and they can come after the deposit franchises of 4,300 banks."

His conclusion was unsparing: "4,250 of them are subscale and don't have the capability to protect themselves from an onslaught that's coming. Banks constantly confuse inertia with loyalty, and when that inertia goes down, we're going to see real opportunity."

Leadership for the New Era

The panel closed with a question that had no safe answer: what kind of leader does this moment require?

The consensus was striking in its consistency. Adaptability, not expertise, is the primary trait. Curiosity — not about technology in the abstract, but about the specific problems of specific markets — is the differentiator. Technical literacy is table stakes; the days of CEOs who "sub out" technology questions to the CTO are ending.

Dixon shared the practice she has built at Stellar: every Thursday all-hands, a different team member presents what they have done with AI in the past two weeks. Not which AI marketing tool they used — but how AI changed the way they worked. "I think that is something that is really, really important," she said, "and it drives change."

Morris reached back to Darwin: "It's not the strongest or the biggest that survive. It's the ones that are the most adaptable." In an industry where a 75-year-old asset manager can build on a blockchain without asking permission, where a fintech can deploy a full bank in a new country with 50 employees at a 20% efficiency ratio, the old hierarchical structures — "Greek and Roman military structures," as Morris put it — cannot respond at the speed the market now demands.

Qureshi's screening question for every founder interview captures the moment precisely: "How do you use AI in your day? And the weirder it is, the more I'm like: okay, you're somebody I potentially want to work with."

The Verdict

What emerged from the Milken stage on May 5, 2026, was not a set of predictions. It was a status report on a transformation already underway. The rails have been built. The regulatory framework — at least in the United States — has been established. The institutional capital has arrived. The question is no longer whether fintech, stablecoins, and blockchain-based finance will reshape the global financial system. It is how quickly the people running that system will recognize that the map has already changed.

For investors, family offices, and enterprise decision-makers, the strategic implication is clear: the fintech penetration rate is 4%. The trajectory points to 10% by 2030. The next trillion-dollar financial institution may already be filing for a banking license. The corridors it will serve — São Paulo to New York, Lagos to London, Manila to Manila — will run on rails that are cheaper, faster, and more transparent than anything the legacy system has ever built.

The new map is being drawn. The only question is where you are on it.

Sources:

• GENIUS Act signed into law – White House

• QED Investors – The Fifth Age of Fintech

• Franklin Templeton & Stellar – Five Years of BENJI

• Nubank – 112M customers, largest private financial institution in Brazil

• Stablecoin Market – May 2026

This article is based on the "FinTech's Global Playbook: Breaking Barriers and Borders" panel at the 2026 Milken Institute Global Conference, featuring Roberto Campos Neto (Nubank), Denelle Dixon (Stellar Development Foundation), Nigel Morris (QED Investors), Haseeb Qureshi (Dragonfly), and Barry Silbert (DCG/Grayscale), moderated by Nicole Valentine (Milken Institute)

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In this episode of Female VC Lab, Emily Fontaine shares her insights as Global Head of Venture Capital at IBM, focusing on the strategic role of corporate VCs, the evolving landscape of AI and Quantum investments, and her frameworks for evaluating startups and co-investors. From the importance of ecosystem partnerships to the changing face of the venture capital world, Emily Fontaine provides listeners with a unique perspective on where innovation and investment are headed.

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Key Points Discussed

• The distinct approach and impact of corporate venture capital versus traditional VCs

• Emily Fontaine’s five key criteria for selecting portfolio companies

• The rise and strategic significance of physical AI and quantum computing

• The increasing role of strategic investors on cap tables, especially in early-stage deals

• Predictions for how venture capital will evolve over the next two years

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Chapters

• Corporate VC at IBM and role description: 00:15

• Motivation & approach to investing: 00:28

• Strategic value of corporate venture: 01:15

• Five selection criteria for investments: 02:03

• Current interests: Physical AI and Quantum: 03:11

• Quantum computing ecosystem: 03:47

• Quantum’s real-world adoption: 04:59

• Future predictions for VC: 05:38

• Best way to connect with Emily Fontaine: 06:33

Full Topic Guide

Corporate VC: Powering Innovation and Ecosystems

The Role of Corporate Venture at IBM

At 00:15, Emily Fontaine introduces herself as the Global Head of Venture Capital at IBM, emphasizing IBM’s approach as a strategic investor focused on ecosystem partnerships. Corporate VCs like IBM Ventures don’t lead deals but prefer co-investing alongside top-tier VCs, aiming to bring growth and market opportunities to portfolio companies through strategic collaboration. Emily Fontaine passionately describes the dual value IBM offers: capital combined with strategic partnership, helping startups drive tangible business outcomes.

The Strategic Rise of Corporate VC

Emily Fontaine highlights at 01:15 how in recent years, corporate VCs have become increasingly vital. Unlike traditional institutional investors, they're sought after for their ability to catalyze growth through strategic partnerships and market access. Notably, she observes that strategics are playing an active role even at early stages, including Series A rounds, reflecting a broader industry shift toward cap table diversity.

Investing with Purpose: Five Criteria for Portfolio Selection

When evaluating portfolio companies and co-investors, Emily Fontaine applies a rigorous five-point selection process (02:03):

1. Strategic Alignment: Does the company align with IBM’s and market trajectories?

2. Technology & Product Differentiation: What's the competitive moat?

3. Market Opportunity: Is there a significant Total Addressable Market (TAM)?

4. Founding Team & Investor Syndicate: Founder expertise plus a strong, diverse investor group.

5. Financial Diligence: Ensuring robust financial health and prospects.

She underscores that being a strategic (and not a lead investor) places extra emphasis on the strength and diversity of the cap table.

On the Cutting Edge: AI, Physical AI, and Quantum

Emily Fontaine is closely tracking physical AI, describing it as an emerging field with rapid interest and investment (03:11). She explores IBM's unique positioning in AI’s orchestration, governance, and security layers, and excitedly discusses IBM’s advances in quantum computing. The quantum field, boosted by IBM’s hardware leadership, is starting to build a vibrant ecosystem around software, application, and algorithm development (03:47).

At 04:59, Emily Fontaine shares real-world traction: 85 quantum systems are already deployed with over 300 clients — from healthcare innovators at Cleveland Clinic to global banking giants. She predicts significant commercial use cases for quantum in the near future, forecasting its collision and convergence with advanced AI.

The Future of Venture Capital

Looking ahead (05:38), Emily Fontaine predicts continued heavy investment flows into AI and a solidifying quantum software ecosystem. Her “hot take” is that early involvement of strategic investors increases startup success by forging necessary partnerships as soon as a product is ready for market. She sees the next wave of venture capital as a blend of strategic foresight and operational support, powered by cross-disciplinary innovation.

Notable Quotes from the Guest

Fun Facts or Interesting Tidbits

• IBM currently has 85 quantum systems in use by over 300 global clients, including major entities in healthcare and finance (05:06).

• Emily Fontaine is especially excited about investing in the quantum software ecosystem—focusing on making quantum tools accessible for broad adoption (03:47).

• Physical AI is a hot topic at recent innovation conferences, with the sector poised for rapid evolution and fresh investment (03:13).

Episode Resource: Learning, Reading, and Listening

In the episode, Emily Fontaine shared various resources she is currently learning from, reading, or listening to. Here are those resources:

• Physical AI (industry trend, discussed as an area of excitement and learning)

• Quantum Computing (area of focus, especially investment and ecosystem development)

• Events on AI and Quantum (no specific event names mentioned, but referenced attending many where Physical AI is discussed)

Note: No specific books, podcasts, articles, or named resources were cited by Emily Fontaine in this episode.

Featured Guest Bio

Emily Fontaine is IBM's Global Head of Venture Capital, leading IBM Ventures—IBM's corporate venture capital arm—including the execution of IBM's $500 million Enterprise AI venture capital fund.

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Fund Information

IBM Ventures is IBM's corporate venture capital arm, investing in enterprise AI and quantum computing companies ranging from early-stage to hyper-growth startups. Since inception, IBM has invested in companies like WRITER, Hugging Face, Reality Defender, Qedma and HiddenLayer.

• IBM Ventures

• IBM LinkedIn: https://www.linkedin.com/company/ibm/ 

• IBM Instagram: https://www.instagram.com/ibm/ 

• IBM X: https://x.com/IBM 

• IBM Facebook: https://www.facebook.com/IBM/ 

• IBM TikTok: https://www.tiktok.com/@ibm

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Source: Milken Institute Global Conference 2026, Beverly Hills, CA — May 4, 2026 Panelists: Marcie Frost (CEO, CalPERS), Ron O'Hanley (Chairman & CEO, State Street), Harvey Schwartz (CEO, Carlyle), Daniel Simkowitz (Co-president, Morgan Stanley) | Moderator: Sara Eisen (CNBC)
Published by: Barbara Bickham

The global economy is entering a phase of structural fragmentation — higher-for-longer interest rates, contested geopolitics, blurred lines between public and private capital, and the accelerating force of artificial intelligence. At the Milken Institute's 2026 Global Conference in Beverly Hills, four of the most consequential figures in institutional finance sat down with CNBC anchor Sara Eisen to answer a deceptively simple question: how is capital being repositioned at scale, and what does the next cycle actually look like? Their answers revealed more about the stakes of the AI transition than most quarterly earnings calls ever will.

What Is Driving Capital Allocation Decisions in 2026?

The dominant signal in global capital markets right now is artificial intelligence — and the leaders on this panel wasted no time making that clear.

"The dominant one right now on the investment side and the potential productivity side is AI," said Daniel Simkowitz, Co-president of Morgan Stanley, whose firm manages nearly $10 trillion across wealth and asset management portfolios. That framing set the tone for an hour-long discussion that ranged from CalPERS' anxiety over workforce disruption to Carlyle's proprietary data strategy, from the systemic risk debate in private credit to the financing mechanics behind trillion-dollar GPU build-outs.

The US remains the primary locus of capital deployment. Simkowitz noted that being overweight the US "has been a good trade, and it still is one you have to take extremely seriously." But he also flagged emerging alpha opportunities globally — in Japan, where corporate governance reforms have transformed equity markets; in Greater China, which is attracting incremental capital after a two-to-three-year pause; and in Brazil and the Middle East, where equity market development is accelerating. Germany, Simkowitz suggested, may be on a similar trajectory if it chooses to develop its capital markets infrastructure.

How Is AI Reshaping the Investment Thesis for Institutional Allocators?

For the world's largest pension fund, AI is simultaneously an investment opportunity and an existential concern.

Marcie Frost, CEO of California Public Employees' Retirement System (CalPERS), which manages more than $500 billion in retirement assets, described the fund's current posture as deeply focused on human capital governance. "Our board has been asking a lot of questions around AI governance and the stewardship program that we have at CalPERS," said Frost. "How are we making sure that the public companies are thinking about human capital disruption and retraining programs?"

The concern is structural, not speculative. A public pension fund like CalPERS is predicated on a continuous replacement cycle — when one worker retires, another enters the workforce and begins contributing. If AI meaningfully compresses that ratio, the downstream effects on pension solvency across the nation could be substantial. Frost articulated this clearly: "If we see that ratio start to really drop down, then that has a real impact on public pensions across the nation."

Internally, CalPERS has adopted a "human-enabled, human-in-the-loop" posture for its own AI deployments. But the harder question is evaluating AI deployment practices across its public and private portfolio companies. "It is early. It is early for us," Frost acknowledged — and her team is actively building the metrics and governance frameworks needed to assess whether portfolio companies are true AI leaders or merely AI-adjacent.

As a concrete example of the disruption she has on her mind, Frost described her commute to the conference: the abundance of Waymo autonomous vehicles on the roads and a conversation with her Uber driver about technology displacing gig economy workers. The retraining infrastructure for independent contractors, she noted, essentially doesn't exist. "Are there really retraining programs for the gig economy? Probably not. They would have to do that on their own as independent contractors."

How Is Carlyle Using AI Across Its Portfolio and Operations?

Harvey Schwartz, CEO of Carlyle, offered the panel's most operationally detailed perspective on AI adoption. With 2,500 employees at Carlyle and approximately 750,000 employees across its portfolio companies, Schwartz views AI deployment as a competitive advantage that extends across the full investment lifecycle.

"The most important decision we make is the moment that capital is deployed," Schwartz explained. "So how do we use this next set of technology to inform that investment decision — both avoiding investments, enhancing investments — and then really, how do we work with CEOs of those companies who are responsible for driving that technological change?"

Carlyle's answer is proprietary data. The firm, founded by David Rubenstein in 1987, has amassed decades of longitudinal data across private equity, credit, and real estate transactions. "What we're really trying to unlock is how to use that proprietary data so that we make better investment decisions, and also how do we use this technology to make decisions faster," Schwartz said.

Critically, Schwartz pushed back against the popular narrative that AI will primarily manifest as headcount reductions. "This is not a mission to see if we can run a company with 2,500. This is a mission to see how we run a company more productively with better outcomes and create marginal alpha." His view: AI's transformative power lies in productivity and innovation, not mass unemployment.

On the workforce question, Schwartz was similarly measured: "I'm a buyer of the productivity story... I'm not a buyer of the 'we have massive unemployment' because I'm not an advocate of that scenario." The early-stage job displacement stories are real, he said, but the more significant effect will be companies "delivering better outcomes, innovating faster, and actually being more productive."

One concern that did break through Schwartz's optimism was cybersecurity. The same exponential improvement curves driving AI's productivity promise also create compounding attack surfaces. "The things that make me nervous is the exponential compounding effect of cyber," he said, pointing specifically to the democratization of coding through AI tools — "vibe coding" — and the security risks of placing powerful capabilities in less-controlled hands. Combined with nation-state actors and critical data center infrastructure, Schwartz sees cybersecurity as the underappreciated tail risk of the AI build-out.

Carlyle's position in aerospace and defense — one of its founding investment verticals, dating back nearly 40 years — gives the firm a front-row view of how national security, large language models, and technology infrastructure are converging. "It's extraordinary the convergence around all these things," Schwartz noted.

How Should Corporations Actually Capture Value from AI?

Ron O'Hanley, Chairman and CEO of State Street, offered the panel's most structural take on how AI will reshape organizations. State Street, with 48,000 employees, operates as custodian and fund administrator for many of the world's largest institutional investors — a role that is "operationally intensive" and must be "managed at a very, very low error rate."

For O'Hanley, the technology itself is almost beside the point. "The technology, even if it froze now, is pretty incredible," he said. "It's about how it gets deployed. And in many other technological revolutions that we've seen in the past, it hasn't really changed the nature of the way the work gets done. AI is really about operating models."

The implication is profound: AI will not simply automate tasks within existing corporate functions — it will force a fundamental disaggregation and reaggregation of how work itself is organized. "I think you'll start to see functions kind of disaggregate and reaggregate around what they need and what the desired outcome is now," O'Hanley predicted. "It's not just about more efficiency... It's about how can I do the work differently."

O'Hanley also addressed the overbuilding concern directly. His answer was essentially: the incumbents have every right to win. They have the data, the client relationships, the institutional trust, and now access to the same technology as any potential disruptor. The question is whether they have the organizational will and speed to act on it. "The market is going to force a very rapid adoption of this because you're going to see these use cases that are taking off, these success stories. Investors like CalPERS are going to say, 'Why aren't you, State Street, doing this?'"

Where Is the Best AI Investment Value — Infrastructure, Chips, or Deployers?

This is the $5 trillion question, and Simkowitz gave Female VC Lab readers a useful framework.

Morgan Stanley has engaged deeply with Jensen Huang of NVIDIA — "compute equals intelligence," Simkowitz quoted, adding that intelligence "equals revenue and expenses." The firm is constructing investment baskets not just around AI infrastructure plays (data centers, chips, hyperscalers), but around what Simkowitz called "optimal deployers" — the enterprises that are most effectively integrating AI into their operations.

"The firms that deploy, so the non-LLMs or infrastructure players, but just the regular corporate... we're starting to track that and build baskets. Those who are viewed as optimal deployers versus non-optimal deployers," Simkowitz explained. The metrics: margins, ROE, CEO interview signals, and revenue acceleration data. "We've been able to create baskets and see outperformance."

On timing, Morgan Stanley's view is that we are only 10-15% through the capital deployment cycle. "We would argue we're in the very earliest stages here," Simkowitz said, framing the current moment relative to prior mega-tech cycles. The revenue acceleration rates being achieved by leading AI companies are "some of the fastest in the history of the capital markets" — yet the investable opportunity remains largely ahead of us.

The financing mechanics are worth understanding in detail. Unlike the 1990s internet build-out — which was constructing new digital infrastructure from scratch — AI is building a capability layer on top of global internet infrastructure that already exists. The primary source of capital is the world's most cash-generative companies: hyperscalers and semiconductor firms that have accumulated enormous cash flows over the past decade. Morgan Stanley recently launched its first public loan deal backed by GPUs, and has facilitated secured financing with TPUs backed by Google cloud contracts with AI firms including Anthropic. The compute market is effectively sold out, which creates collateral value supporting a new category of asset-backed finance.

"Those of us who lived through fiber and CLECs," Simkowitz noted, "this feels a lot more sturdy, both in its demand profile because we're sort of sold out on compute, and because the underlying investment is from some of the best-capitalized companies who are looking at diversification of funding."

Is Private Credit a Systemic Risk or a Healthy Evolution?

The private credit debate has intensified in 2026, with redemption requests in some semi-liquid vehicles hitting 9-10% of NAV in early 2026 — well above the 5% redemption limits that many funds have in place. The panelists pushed back firmly against the systemic narrative.

O'Hanley offered the most pointed reframing: private credit is structurally the opposite of what caused the 2008 crisis. "Banks are concentrators of risk. All that risk was concentrated, and a financial crisis turned into an economic crisis. Private credit is exactly the opposite. It's a distributor of risk." With the $1.7-2 trillion direct lending market spread across thousands of stakeholders, an elevated credit cycle would produce widely distributed losses rather than systemic cascade.

That said, O'Hanley acknowledged a genuine concern in the semi-liquid segment — roughly $200 billion of the total market, or about 2% of the combined market cap of Google and NVIDIA, as Simkowitz quantified it. The question of whether quarterly redemption rights are appropriate for five-to-seven-year loan structures is legitimate. "Should we say to individuals, 'There's a five-year term here, and redemption — actually not going to have quarterly redemption'?" The answer, O'Hanley implied, should probably be yes.

Schwartz was careful but candid about the software-specific stress. A concentrated skew toward software in both private equity and private credit portfolios collided with AI-driven disruption to software business models — and those portfolio marks are now adjusting. "Credit is credit," he said. "You just need really good underwriting, thoughtful processes." Fraud is always difficult to detect regardless of whether capital is bank-originated or private. But the economic engine remains "quite good," and he noted Carlyle is currently seeing increasing institutional interest despite the noise.

Frost brought the retail investor question home from a fiduciary perspective. CalPERS holds approximately 4% of its portfolio in private credit and 20% in private equity. The fund itself is sophisticated enough to navigate illiquidity. Her concern is about the broader democratization of private markets to retail investors who may not fully appreciate redemption constraints — especially if those investors are 50 or 60 years old with near-term liquidity needs. "I would worry about those that don't have the sophistication levels to really maneuver these complex tools."

What Is the Strategic Outlook for Institutional Capital Allocation?

Several consensus themes emerged from this panel that Unbound believes are highly actionable for institutional investors, family offices, and LPs.

AI deployment alpha will exceed infrastructure alpha over time. The infrastructure trade — data centers, GPUs, power — is crowded and early-stage valuations are already stretched. The next wave of alpha will come from identifying enterprises that most effectively translate AI capability into durable competitive advantage. This requires engagement, not just screening.

Human capital risk is an investable governance factor. Marcie Frost's insistence on tracking AI governance and workforce retraining programs at portfolio companies is ahead of the market. As AI disruption becomes visible in employment data, pension funds and long-horizon allocators will increasingly price this risk explicitly. Companies with credible human capital transition strategies will attract more institutional capital.

CalPERS' Total Portfolio Approach is a leading indicator. The fund's July 2026 shift from strategic asset allocation to a total portfolio approach — increasing active risk limits to 400 basis points and enabling cross-asset-class capital allocation decisions — signals a broader directional shift in how the world's largest allocators will compete for returns in a more complex market.

Private credit stress is real but bounded. The semi-liquid redemption pressure is a structural problem that the industry will solve through better product design, not a systemic threat. The credit cycle is turning, which will create better entry points for disciplined allocators.

Cyber is the underpriced tail risk. Harvey Schwartz's warning about the compounding effect of cyber risk — accelerated by AI-enabled attack capabilities and concentrated in critical infrastructure like data centers — deserves more attention from institutional risk frameworks than it currently receives.

The panel closed with Simkowitz articulating what may be the defining challenge of the next decade: "The social issues scare me the most." Not because he expects 20% unemployment, but because the second-order effects on demand, society, and political economy are genuinely harder to model than the technology itself. For investors and executives alike, the productive question isn't whether AI will be transformative — everyone in the room agrees that it will. The question is whether the institutions managing that transition have the governance, the data, and the organizational will to get it right.

Sources:

• Global Conference 2026 | Milken Institute

• Global finance leaders flag shifting capital flows, AI impact at Milken

• CalPERS Board Adopts Total Portfolio Approach

• Private credit's 'zero-loss fantasy' is coming to an end | CNBC

• Private Credit Markets Under Pressure: Key Risks | Sage Advisory

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Hi {{ first name | Impactful Listener }}!

Kim Flynn joins the Female VC Lab to discuss her journey in finance, the mission behind XA Investments, and how her firm is democratizing access to private markets for individual investors. She offers insights on industry trends, her reading list, and predicts the evolution of venture capital and investing over the next few years.

🎧 Listen to the Episode

Key Points Discussed

• Kim’s personal career path and motivation for founding XA Investments

• Making private market strategies accessible for individual investors

• Challenges and innovations in fund structures (drawdown vs. evergreen funds)

• Industry reading habits and staying informed

• Trends in venture capital and strategies for retail access and risk mitigation

🎧 Watch the Episode

Chapters

• Kim introduces herself and her firm [00:10]

• Kim’s inspiration for entering finance and investing [00:27]

• Discussion on private market access and fund structures [02:06]

• Industry publications and personal reading habits [05:12]

• How venture capital is evolving for retail investors [07:33]

• Contact info and educational resources [11:13]

Full Topic Guide

Expanding Access: How XA Investments Opens Private Markets to Individual Investors

Introduction

Kim Flynn, Co-Founder and President of XA Investments, is on a mission to expand private market access to individual investors. Through innovative fund structures and deep industry expertise, she’s helping reshuffle the traditional barriers separating retail from institution-grade investments.

The Inspiration behind XA Investments

Kim’s journey began with a passion for finance, leading her to investment banking and eventually asset management. Her motivation, as she explains at [00:27], stemmed from a desire to solve problems for individual investors and design high-performing products geared towards personal wealth and retirement. Recognizing the limited options available to most Americans, she focuses on democratizing investment opportunities that were once reserved for endowments and pension funds.

Private Market Strategies and Fund Structures

Institutional investors have long dominated private markets—real estate, private equity, and infrastructure—with allocations to illiquid, long-duration assets such as toll roads and airports, discussed by Kim at [02:06]. Most individuals have not had access to these asset classes due to restrictive fund structures and complicated tax implications. XA Investments tackles these obstacles by offering products that make private markets approachable, circumventing typical barriers like K1 tax forms and illiquid drawdown funds.

The transition toward evergreen funds, which recycle capital and reinvest over time, is facilitating more opportunities for retail investors. As Kim explains at [04:25], this shift allows individual investors to participate without the complexities and delays associated with traditional private funds. It’s a game-changer for U.S. private wealth, opening up participation in early-stage companies and previously inaccessible strategies.

Industry Insights: Learning and Staying Informed

Kim stays ahead by reading widely—Financial Times, Economist, Barron’s, Fundfire, Ignites, Citywire, Wealth Management, as well as history and romance books. She emphasizes the importance of combining industry reading with broader literature for context and depth, as highlighted at [06:27] with her example of reading The Tattooist of Auschwitz and watching related films to enrich her understanding.

The Evolution of Venture Capital

Retail investors are experiencing increased access to venture capital thanks to innovative fund structures and risk mitigation strategies. Kim notes at [07:33] that private equity funds are starting to allocate portions to venture, giving clients a taste of early-stage investing within diversified portfolios. Interval funds and listed closed-end funds are also playing a role in democratizing venture capital. The trend is toward diversified bets, enabling investors to participate in themes such as AI across multiple companies, rather than concentrated bets in single firms.

Kim believes the gatekeepers—financial advisors—are setting the stage for broader access through risk-managed approaches, whether through standalone venture funds or venture allocations within larger portfolios. The new wrappers, such as listed closed-end funds, are being repurposed from municipal bonds to venture and private equity, serving as an innovative entry point for investors seeking exposure to private markets at [10:14].

Resources and Staying Engaged

Kim shares that her firm regularly posts educational content on LinkedIn and offers a free monthly market update on their website, providing insights for both financial advisors and private investors [11:13].

Notable Quotes from the Guest

Fun Facts or Interesting Tidbits

1. Kim reads multiple books at a time—both industry publications and fiction, including romance novels and history books like The Tattooist of Auschwitz 06:27.

2. Evergreen fund structures are making private market investing more accessible for individual investors.

3. Listed closed-end funds, typically associated with municipal bonds, are now being repurposed for venture capital and private equity investments.

Episode Resource: Learning, Reading, and Listening

In the episode, the guest shared various resources she is currently learning from, reading, or listening to. Here are those resources:

• Financial Times (ft.com)

• The Economist (economist.com)

• Barron's (barrons.com)

• FundFire (fundfire.com)

• Ignites (ignites.com)

• Citywire (citywire.com)

• Wealth Management (wealthmanagement.com)

• The Tattooist of Auschwitz (book) (goodreads link)

• Nuremberg Trials (movie) (no specific link provided)

These resources give insights into various aspects of finance, investments, and notable financial events, which can be highly beneficial for anyone interested in the field of venture capital or financial services.

Featured Guest Bio

Kimberly Flynn is President and Partner at XA Investments, where she leads product and business development focused on democratizing access to alternative investments. A CFA charter holder and former Senior Vice President at Nuveen Investments, she has launched 40+ closed-end funds and is a recognized voice in private market access and retirement income innovation.

Fund Information

• XA Investments Website

• XA Investments LinkedIn

Support The Podcast

How Jennifer Aniston’s LolaVie brand grew sales 40% with CTV ads

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Learn more

Thanks to Million Podcasts for being featured in the following categories:
35 Best Angel Investors Podcasts, 30 Best Female Investing Podcasts, 90 Best Alternative Investment Podcasts, 60 Best Female Finance Podcasts, 40 Best Impact Investing Podcast and 100 Best Venture Capital Podcasts list.

https://www.millionpodcasts.com/angel-investors-podcasts/
https://www.millionpodcasts.com/female-investing-podcasts/
https://www.millionpodcasts.com/alternative-investment-podcasts/
https://www.millionpodcasts.com/female-finance-podcasts/
https://www.millionpodcasts.com/impact-investing-podcasts/
https://www.millionpodcasts.com/venture-capital-podcasts/

If you enjoyed this episode, subscribe to the Female VC Lab Podcast for more insights from leading female investors shaping the future of venture capital. Share this episode with someone who would benefit from their impactful stories and vision.

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Barbara

Hi {{ first name | Impactful Listener }}!

In this episode, Barbara Bickham welcomes Phylicia Koh, General Partner at Play Ventures, to discuss her unplanned journey into venture capital, the evolution of gaming and consumer investment strategies, and her perspective on the future of VC. Phylicia Koh shares the importance of practical experience, why some founders should reconsider VC funding, and how the fund is navigating a rapidly changing investment landscape.

🎧 Listen to the Episode

Key Points Discussed

• Phylicia Koh’s unconventional path into venture capital and her belief in learning through action.

• Play Ventures’ investment thesis: from gaming to consumer apps and infrastructure, leveraging gaming’s product and monetization know-how.

• The critical importance of product-market fit for founders, and why practical execution beats theory.

• Reflections on evolving VC structures, including access for retail investors and fund size strategy.

• The coming evolution and diversification of the VC landscape, including new types of funds and broader access.

🎧 Watch the Episode

Chapters

• Background & Introduction ([00:00:02] - [00:00:58]):

  Phylicia Koh shares her career journey and accidental entry into VC.

• Investment Thesis ([00:04:06] - [00:08:28]): Motivations for expanding Play Ventures' thesis beyond gaming.

• Product-Market Fit & Founder Execution ([00:10:29] - [00:14:14]): The realities of founder execution and advice on raising money.

• VC Industry Evolution ([00:15:00] - [00:18:35]): Discussion on how the VC industry is changing and what's next.

• Contact Info & Closing ([00:18:43] - end): How to reach Phylicia Koh

Full Topic Guide

Reimagining Venture Capital: Phylicia Koh's Take on Founders, Gaming, and the Future at Play Ventures

From accidental VC to redefining the investment thesis, Phylicia Koh shares her candid insights on building, backing, and surviving in a fast-changing world.

1. The Accidental Venture Capitalist

Unlike many who meticulously plan their career moves, Phylicia Koh entered the world of venture capital through serendipity. After eight years working in growth—and a necessary burnout break—she gave herself a year to experiment, consulting across industries and allowing her curiosity to lead the way. This openness ultimately brought her back to her network, connecting her with Play Ventures at their inception. Her journey highlights how unplanned experiences and learning-by-doing can foster empathy and insight in investors. According to Phylicia Koh, "I think it makes you a better VC when you don't want to be a VC."

2. From Gaming to Consumer: Expanding an Investment Thesis

Play Ventures began as a gaming-focused fund, capitalizing on the founders’ deep industry connections and insight. But as gaming matured—particularly free-to-play models—opportunity-driven adaptation became crucial. Seeing an intersection of user psychology, product design, and monetization, Play Ventures expanded to adjacent consumer applications, especially where gaming mechanics inform sticky consumer experiences. Phylicia Koh outlines how frameworks from gaming—like community-building, streaks, and feedback loops—now power companies far beyond games, as evidenced by investments like Bible Chat, a digital church platform.

3. The Value of Execution and Product-Market Fit

A recurring theme is the necessity of execution and tangible product-market fit. Phylicia Koh observes that tools like AI have empowered founders to quickly prototype MVPs, reducing technical barriers to entry. But speed is not enough: founders must prove demand before raising significant capital. Play Ventures prizes founders who "just go out and build it," showing both hustle and clarity around the market’s true needs. Sometimes, bootstrapping to profitability is the best move—and not every business should take VC money. Capital, after all, comes with expectations.

4. The Shifting VC Landscape

Venture capital is in flux. Phylicia Koh discusses the pressures facing mid-sized funds, the entry of retail investors via platforms like Robinhood, and the trend toward product innovation in investment instruments. Play Ventures has intentionally maintained a focused fund size, prioritizing efficiency and the aim to return capital rather than endless growth. In Phylicia Koh’s futurist outlook, evolving is essential: "It's evolve or die."

5. Advice for Founders & Final Insights

Not every path requires VC backing, and founders should understand both the cost and expectations of venture money. Building a profitable, owner-driven business is a win, and control is often more important than rapid scaling. Phylicia Koh emphasizes the breadth of routes to startup success—and teases a future where the industry grows even more accessible and innovative.

Notable Quotes from the Guest

Fun Facts or Interesting Tidbits

• Play Ventures’ portfolio is globally distributed—with 30-40% in Europe, 15-20% in the US, and the rest worldwide.

• One of Play Ventures’ earliest investments was a competitive interior decorating game—a genre some dismissed, but which grew successfully.

• Phylicia Koh is currently reading a cheeky book on 2000 years of Papal scandals, seeing parallels between history and today’s evolving organizations!

Episode Resource: Learning, Reading, and Listening

In the episode, Phylicia Koh shared various resources she is currently learning from, reading, or listening to. Here are those resources:

• Book: The Popes – A condensed, cheeky look at 2,000 years of Papal scandals and history.

  • No direct link was provided in the episode, but it is likely referring to one of the popular books titled "The Popes." Here’s a possible option: The Popes: A Concise Biographical History by Eric John (Amazon)

• App/Company: Bible Chat – An app described as a "digital church" connecting users to their faith and a religious community through daily engagement.

  • Website: biblechat.ai

If you’re curious to dive deeper into the subjects Phylicia Koh is reading or exploring, these are great places to start!

Featured Guest Bio

Phylicia is a General Partner at Play Ventures, a leading early-stage VC fund that invests globally in gaming, consumer apps and gaming-adjacent tech. Phylicia has led investments into Alter, Arya (an AI couple intimacy platform), BibleChat (fastest growing AI-powered faith app) and Alinea's (Gen Z personal financial investing app).

• LinkedIn

Fund Information

Play Ventures is a leading early-stage gaming and consumer app venture capital firm, founded by gaming industry veterans Henric Suuronen and Harri Manninen, who made successful exits to King and Disney respectively. Play invests globally in pre-seed to Series A startups in gaming, consumer apps, and gaming adjacent technology.

• Play Ventures Website

• Play Ventures LinkedIn

Support The Podcast

If you enjoyed this episode, subscribe to the Female VC Lab Podcast for more insights from leading female investors shaping the future of venture capital. Share this episode with someone who would benefit from their impactful stories and vision.

Got thoughts on this episode? Hit reply and let me know! I’d love to hear from you. 💌

Best,
Barbara

Hi {{ first name | Impactful Listener }}!

In this episode, host Barbara Bickham talks with Kristina Chapple, General Partner at 11 Tribes VC, about transforming the venture capital industry by focusing not only on business outcomes but also on founder well-being and resilience. Kristina shares how 11 Tribes takes a holistic approach to venture investing, prioritizing founders' relationships, health, and identity alongside company performance. The conversation covers the unique aspects of 11 Tribes’ investment thesis, the long-term effects of supporting founders as people, and predictions for the future of venture capital.

🎧 Listen to the Episode

Key Points Discussed

• Redefining Venture Capital: Kristina discusses how 11 Tribes VC supports both the business outcome and the “founder outcome,” focusing on personal well-being, relationships, and holistic success.

• Innovative Resilience Funding: The fund allocates an additional 2% of each investment for non-dilutive support targeting founder resilience—covering coaching, therapy, and even marriage counseling.

• Leadership & Well-being Data: Active collaboration with academic research (University of Baylor) to measure the impact of investing in founders' well-being on leadership effectiveness and company performance.

• Changing Exit Expectations: Kristina predicts founders will raise less capital and pursue more frequent exits in the $50M–$300M range, reshaping VC portfolio strategies.

• Identity and Founder Health: Deep dive into the importance of founders separating their personal worth from company success in order to build healthier, more sustainable enterprises.

🎧 Watch the Episode

Chapters

• 00:00 – Guest intro and background

• 00:18 – What inspired Kristina to become a VC

• 01:13 – The 11 Tribes thesis and supporting founders first

• 02:05 – Business outcome vs. founder outcome

• 04:15 – Founder resilience in practice: 2% capital allocation

• 07:17 – Leadership development and research collaboration

• 10:12 – Book recommendation: “Personal History” by Katharine Graham

• 11:52 – The future of VC and sub-$200M exits

• 14:41 – How to connect with Kristina & 11 Tribes VC

Full Topic Guide

Rethinking Venture Capital: Founders First with Kristina Chapple of 11 Tribes VC

Introduction

The traditional venture capital mindset prioritizes business metrics—valuation, revenue, and ultimately, exit price. But what if investors supported not only the company, but the people behind it? In this episode of Female VC Lab, Kristina Chapple, General Partner at 11 Tribes VC, shares how her firm is rewriting the playbook by investing in founder well-being and resilience—proving that thriving founders build thriving companies.

Beyond Valuations: Focusing on the “Founder Outcome”

For decades, the VC world evaluated success primarily by financial outcomes. Kristina reveals how her own journey—witnessing the destructive toll on founders and teams—led her to champion a new VC thesis. At 11 Tribes, the “founder outcome” is tracked alongside the business outcome: Are founders leaving the journey with their marriages, families, and health intact? Their approach recognizes that enduring relationships and well-being are as essential to long-term success as cap table returns.

How 11 Tribes Operates Differently

A core differentiator is 11 Tribes’ allocation of an additional 2% of every check (on top of their investment) as non-dilutive capital earmarked for founder resilience. This fund can be spent on coaching, therapy, health initiatives, marriage counseling, or other deeply personal, founder-chosen supports. Kristina shares that this was born from the realization that poor mental or relational health isn’t just a personal risk—it’s an existential risk to the company’s ability to survive the marathon journey to exit.

Investing in Leadership, Backed by Data

The thesis goes beyond good intentions. 11 Tribes is partnering with academic researchers at Baylor University to rigorously measure how founder self-investment correlates with leadership quality and financial outcomes. Early evidence suggests that when founders are grounded and supported in all aspects of their life, they lead more effectively and make better decisions even through turbulence. This, Kristina notes, is both a moral and practical advantage.

The New Era of Venture: Smaller Exits, Greater Impact

Looking ahead, Kristina predicts a sea change in venture capital. Founders are seeking—and often preferring—smaller, faster exits ($50M–$300M) rather than racing toward elusive billion-dollar outcomes. As the cost to build decreases and bootstrapping becomes more viable, both founders and investors can share in substantial wins without chasing moonshots. This means VCs must adapt their underwriting, portfolio construction, and expectations accordingly.

Lessons in Leadership and Identity

Kristina also touches on the enduring struggle founders face tying their identity to company success. Drawing inspiration from Katherine Graham’s autobiography, Kristina advocates for founders to nurture confidence and personal worth outside their business pursuits. Building a strong sense of self, supported by family and well-being, helps founders weather the inherent stress and unpredictability of entrepreneurship.

Conclusion

By placing the founder at the center, 11 Tribes VC demonstrates how a people-first approach is both kinder and wiser for building lasting companies. As Kristina’s work shows, supporting the human side of entrepreneurship holds the key to smarter, healthier, and yes—more profitable—venture outcomes.

Notable Quotes from the Guest

Fun Facts or Interesting Tidbits

1. 11 Tribes allocates a separate, non-dilutive founder resilience fund for every portfolio company.

2. Kristina’s team includes a marriage counselor as part of their founder support menu—by founder request!

3. Kristina is currently reading Katharine Graham’s “Personal History” to draw lessons on identity and confidence from the legendary Washington Post publisher.

Episode Resource: Learning, Reading, and Listening

Books

• Personal History: An Autobiography by Katharine Graham

  Find it on Amazon

  (This is the autobiography of the former publisher of The Washington Post, discussed by Kristina Chapple in the episode.)

No additional books, podcasts, or other resources were mentioned in response to this question in the episode.

Featured Guest Bio

Kristina Chapple is a General Partner at 11 Tribes Ventures – an early-stage fund that proactively invests in the resilience of their founders.

• LinkedIn

Fund Information

11 Tribes Ventures is an early-stage investment firm that proactively invests into the resilience of entrepreneurs. We are radical in our allocation of resources to develop our founders, putting real dollars towards their mental, emotional, and spiritual health. Our approach is proving that healthy founders will lead to healthy returns without compromising mission or profitability.

• 11 Tribes Ventures Website

• 11 Tribes Ventures LinkedIn

Support The Podcast

Thanks to Million Podcasts for being featured in the following categories:
35 Best Angel Investors Podcasts, 30 Best Female Investing Podcasts, 90 Best Alternative Investment Podcasts, 60 Best Female Finance Podcasts, 40 Best Impact Investing Podcast and 100 Best Venture Capital Podcasts list.

https://www.millionpodcasts.com/angel-investors-podcasts/
https://www.millionpodcasts.com/female-investing-podcasts/
https://www.millionpodcasts.com/alternative-investment-podcasts/
https://www.millionpodcasts.com/female-finance-podcasts/
https://www.millionpodcasts.com/impact-investing-podcasts/
https://www.millionpodcasts.com/venture-capital-podcasts/

If you enjoyed this episode, subscribe to the Female VC Lab Podcast for more insights from leading female investors shaping the future of venture capital. Share this episode with someone who would benefit from their impactful stories and vision.

Got thoughts on this episode? Hit reply and let me know! I’d love to hear from you. 💌

Best,
Barbara

Hi {{ first name | Impactful Listener }}!

In this insightful episode, host Barbara Bickham sits down with Eva Yazhari to discuss her journey into venture capital, the unique thesis at Beyond Capital Ventures, and the significance of conscious leadership in emerging markets. Eva breaks down how her firm supports scalable startups addressing essential needs in Africa and India, while fostering transparency, shared ownership, and community among founders.

🎧 Listen to the Episode

Key Points Discussed

• Eva Yazhari’s unexpected path from math major to venture capitalist, and the foundational skills she gained in institutional finance.

• The investment thesis at Beyond Capital Ventures: supporting conscious leaders building essential solutions for rising middle classes in Africa and India.

• The importance of formalizing and scaling informal markets—especially in agtech and mobility—to unlock economic growth and opportunity.

• How Beyond Capital Ventures diversifies with a multi-asset approach, expanding into senior secured lending in addition to VC investments.

• Eva’s leadership style focused on alignment, shared success, and building a culture of above-the-line thinking.

🎧 Watch the Episode

Chapters

• 00:20 Eva’s journey into finance and venture capital

• 02:34 Overview of the Beyond Capital Ventures thesis

• 04:11 Formalizing informal markets & agtech examples

• 07:10 Growth into a multi-asset firm & lessons learned

• 09:42 Perspectives on the evolution of venture capital

• 11:42 Eva’s leadership approach and creating shared ownership

Full Topic Guide

Unlocking Impact: Conscious Venture Investing in the Emerging World
How Eva Yazhari and Beyond Capital Ventures are Changing the Paradigm

Introduction
In Episode 116 of the Female VC Lab Podcast, Eva Yazhari, Managing Partner of Beyond Capital Ventures, shares her compelling journey from mathematics student to a pioneer in impact-focused venture capital. This episode delves into how Eva leverages her institutional finance background to enact transformative change in Africa and India while building strong, conscious founder communities.

From Math Major to Venture Capitalist
Eva’s entry into finance was serendipitous. As a math major at Columbia, a suggestion from a friend led her to investment banking, which in turn opened doors to the hedge fund world. There, Eva became employee number two at a rapidly growing fund-of-funds. During her tenure, the team raised $4.8 billion and built deep relationships across the industry. These experiences grounded Eva in both operational know-how and the importance of relational investment—insights she carried into launching her own VC fund.

A Conscious Investment Thesis for Real-World Needs
Beyond Capital Ventures is driven by a bold thesis: Invest in need-to-have products and solutions led by leaders who consider all stakeholders—customers, communities, governments, and the climate. As Africa and India’s middle classes surge, Eva argues, investing in businesses that are mindful of their broader impact isn’t just ethical—it’s essential for scale and sustainability.

Eva highlights sectors like healthcare, fintech, mobility, and increasingly, agtech. These areas are foundational to socioeconomic growth, and her firm seeks out startups that create lasting value, not just profit.

Scaling “Informal” Markets—From Agtech to Mobility
One core theme Eva discusses is the formalization of “informal” sectors—dynamic but fragmented parts of emerging market economies. Rather than displace the millions of smallholder farmers in Africa, Beyond Capital Ventures helps them scale and access financial systems. Eva spotlights Cinch, an agtech portfolio company that aggregates underutilized farmland, allowing smallholders to generate income and meet large commercial contracts—critical for sustainably feeding a growing population.

Similarly, in mobility, Eva’s fund backs ventures that not only innovate on hardware (like bikes) but also infrastructure solutions, such as battery swap networks. These investments enable underserved populations to leapfrog outdated systems and rapidly scale new technologies.

Innovating the Venture Model: Multi-Asset Strategies and Shared Success
Beyond traditional venture capital, Eva’s team recently launched a credit strategy, making senior secured loans to portfolio companies. These tools both diversify the fund and provide investors quicker, more reliable returns—a rarity in VC. Eva believes this hybrid approach increases resilience and aligns with her broader goals for impact.

Crucially, Eva fosters a culture of shared ownership. Beyond Capital Ventures extends carry (a share of fund profits) not only to every team member—including executive assistants—but also to founders. This incentive-based model creates alignment, builds community, and drives everyone toward collective success.

Building “Above the Line” Leadership
Eva’s commitment to conscious leadership is woven throughout her work. She’s focused on creating a culture where “above the line” behaviors—abundance, collaboration, and integrity—prevail. By modeling this daily, Eva aims to build stronger teams, better investments, and communities united by shared purpose.

Conclusion
This episode underscores that venture capital, when guided by accountability and vision, can profoundly transform emerging economies while driving strong returns. Eva Yazhari’s approach blends financial acumen with deep empathy, offering a roadmap for the future of impactful, inclusive investing.

Notable Quotes from the Guest

Fun Facts or Interesting Tidbits

• Beyond Capital Ventures makes every team member, including executive assistants, a participant in the fund’s carry.

• Founders in the portfolio can earn a share of carry by reaching milestones or undergoing re-investment, fostering a sense of collective ownership.

• The firm’s book recommendation: The Culture Code, guiding Eva’s team in scaling leadership and collaboration.

Episode Resource: Learning, Reading, and Listening

Here are the specific resources mentioned in this episode:

• Book: The Culture Code
  The Culture Code on Amazon
  (Eva Yazhari referenced reading this book to grow her leadership capabilities.)

• Book: The Good Your Money Can Do by Eva Yazhari
  The Good Your Money Can Do – Official Book Website
  (Eva mentioned her own book on conscious investing.)

These resources were highlighted by Eva Yazhari as influential to her continued personal and professional development.

Featured Guest Bio

Eva Yazhari is an experienced investor, author, and advocate for conscious capitalism. As Managing Partner of Beyond Capital Ventures, she leads early-stage investments in East Africa and India, focusing on essential sectors with the potential to impact millions.

Her investment portfolio spans over 50 equity and 9 debt deals, reaching more than 100 million customers and championing equitable ownership for all founders. Eva began her career on Wall Street as Vice President at EnTrust Capital, managing over $5 billion in investments.

She now brings that institutional expertise to mentoring founders and scaling purpose-driven companies in emerging markets. She serves on the boards of Viebeg Medical, Lal10, and CarePoint, and contributes strategic oversight across the BCV portfolio. She’s also a member of the Athena Leadership Council at Barnard College.

Eva is the author of The Good Your Money Can Do and co-hosts The Beyond Capital Podcast and The BCV Podcast.

• LinkedIn

Fund Information

We have been investing as a team in these markets for over a decade. We launched Beyond Capital Ventures to scale and invest in many more early-stage businesses primarily in healthcare, financial services, and agriculture, with a focus on distribution, economic development and emerging markets to there rest of the world.

• Beyond Capital Ventures Website

• Beyond Capital Ventures Linked-In

Support The Podcast

I really appreciate Daphna Ziman sharing her new song Humanity, the spoken‑word piece she released on July 14, 2025, calling for unity, compassion, and healing in our world.

Humanity

Daphna Ziman · Single · 2025 · 1 songs

open.spotify.com/album/6LHNmZmqVHUPjVFxOLRp0X

Thanks to Million Podcasts for being featured in the following categories:35 Best Angel Investors Podcasts, 30 Best Female Investing Podcasts, 90 Best Alternative Investment Podcasts, 60 Best Female Finance Podcasts, 40 Best Impact Investing Podcast and 100 Best Venture Capital Podcasts list.

https://www.millionpodcasts.com/angel-investors-podcasts/
https://www.millionpodcasts.com/female-investing-podcasts/
https://www.millionpodcasts.com/alternative-investment-podcasts/
https://www.millionpodcasts.com/female-finance-podcasts/
https://www.millionpodcasts.com/impact-investing-podcasts/
https://www.millionpodcasts.com/venture-capital-podcasts/

If you enjoyed this episode, subscribe to the Female VC Lab Podcast for more insights from leading female investors shaping the future of venture capital. Share this episode with someone who would benefit from their impactful stories and vision.

Got thoughts on this episode? Hit reply and let me know! I’d love to hear from you. 💌

Best,
Barbara

Hi {{ first name | Impactful Listener }}!

Welcome to another episode of the Female VC Lab podcast! In this insightful conversation, host Barbara Bickham sits down with Najada Kumbuli, Vice President and Head of Investments at Visa Foundation. Najada shares her inspirational journey from her childhood in communist Albania—where entrepreneurship was discouraged—to becoming a leader in impact investing. She discusses her passion for using capital not just for financial returns, but to drive measurable social good, and delves into Visa Foundation’s mission to empower small businesses and entrepreneurs around the world. Najada also offers her thoughts on the evolving landscape of venture capital, highlighting trends from AI to disciplined investing, and shares her favorite resources for staying on top of industry changes. Tune in for an episode filled with global perspective, practical insights, and an unwavering commitment to making a difference through investment.

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Key Points Discussed

• Najada’s inspiring background and motivation for entering impact investing

• The Visa Foundation’s focus on supporting small businesses worldwide through capital, digital tools, and financial skills

• Reflections on the current and future state of venture capital, including market discipline, emerging markets, and social impact

• How Najada and her team stay informed and adaptive in a fast-changing market

• Resources available through the Visa Foundation for entrepreneurs, fund managers, and nonprofit leaders

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Chapters

• 00:00: Introduction & Najada's background

• 00:37: Najada’s inspiration for becoming an investor

• 02:30: The birth and evolution of impact investing & its synergy with venture capital

• 03:23: Visa Foundation’s investment thesis and global reach

• 04:39: Insights on learning, listening, and market trends

• 08:02: Najada’s hopeful forecast for venture capital’s evolution

• 11:45: Visa Foundation’s resources and how to connect

Full Topic Guide

Empowering Small Businesses Globally: An Inside Look with Visa Foundation’s Najada Kumbuli

The Journey and Motivation Behind Impact Investing

Najada Kumbuli’s personal and professional journeys are deeply entwined, rooted in her upbringing in communist-era Albania—a system that, as she recalls, "suppressed individual initiative and innovation." Witnessing the economic transitions from collective restraint to the dynamism of capitalism in Singapore and the U.S. shaped her worldview. She quickly became aware of the strengths and pitfalls of both systems: the community mindset of socialism and the creativity, yet inequality, stemming from capitalist markets.

This comprehensive perspective ignited Najada's passion for impact investing—well before it was formally defined. For her, it was and remains crucial that capital serves not just to generate financial returns but also measurable, long-term social impact. Today, as head of investments at Visa Foundation, she unites these philosophies, advocating for solutions that foster entrepreneurship while driving broader social good.

Visa Foundation’s Thesis: Small Businesses at the Core

Visa Foundation’s mission is “relatively simple,” Najada emphasizes: support small businesses and entrepreneurs by providing them with capital, digital tools, and financial skills. The rationale is clear—small businesses make up 90% of companies globally and generate close to 70% of jobs and GDP. Whether it’s nano-entrepreneurs in Nigeria or high-growth startups in India, Visa Foundation’s holistic approach ensures these businesses aren’t just surviving but are equipped to thrive through grants, investments, and skill-building programs.

The Art of Listening: A Key to Investment Agility

One standout theme from the episode is Najada’s deep commitment to listening. She values insights from her diverse team, their fund managers, local nonprofit leaders, and—importantly—the end users and founders themselves. Najada’s approach highlights not just the importance of data-driven decisions but the need for a nuanced understanding of the lived realities behind every metric.

Her regular consumption of business podcasts like "Acquired," coupled with constant monitoring of market signals, helps her stay ahead in an ever-shifting investment landscape. She stresses the value of adaptability, recognizing that nimble founders—and investors—must keep evolving.

The Future of Venture Capital: Discipline, Inclusion, and Impact

Looking ahead, Najada is hopeful—she predicts:

• Continued energy around AI and deep tech, driving both investment focus and the required skill sets within VC.

• A higher degree of discipline in valuations, capital allocation, and business fundamentals, especially after recent market excesses.

• Greater investment into emerging markets, harnessing global innovation and challenging established Silicon Valley norms.

• A generational shift towards responsible investing, with both founders and LPs seeking ventures that blend profit and purpose.

Not only does Visa Foundation prioritize these values internally—backing women-led funds and responsible VCs—but Najada hopes that the broader investment community will commit to similar standards.

Connecting with the Visa Foundation

To learn more about Visa Foundation’s work, Najada encourages listeners to visit their website, where they’ll find annual reports detailing impact strategies, investment partners, and resources for both fund managers and nonprofits. The foundation actively monitors inquiries submitted through its site, aiming to provide tailored support to those sharing their mission of inclusive and sustainable economic growth.

Notable Quotes from the Guest

Fun Facts or Interesting Tidbits

1. International Roots: Najada was born and raised in Albania under communism and later moved to Singapore and the US, which shaped her holistic investment philosophy.

2. Book Choices: With two young sons, Najada’s current reading list is full of children’s books!

3. Listening Habits: She’s an avid fan of the “Acquired” podcast, which combines her love of business, investing, and history.

Episode Resource: Learning, Reading, and Listening

What are you learning, listening to, or reading these days?
As mentioned by Najada Kumbuli during the episode, here are the resources she’s currently engaging with:

• Acquired Podcast
  Podcast exploring business history, the evolution of companies, and leadership lessons.
  https://www.acquired.fm/
  

• Team Members and Partners
  Najada highlighted that she learns from the diverse backgrounds of her team, fund managers, nonprofit leaders, and small business owners they support.
  

• Market Signals and Industry Experts
  She continuously monitors market trends, listens to industry advisors and experts, and emphasizes the importance of listening to data and metrics in investment decisions.

(While children’s books were humorously mentioned as part of her daily listening, the primary resource directly named was the Acquired Podcast.)

If you’re interested in these areas, check out the Acquired Podcast for deep dives into business stories, and stay engaged with industry updates and thought leaders as Najada does!

Featured Guest Bio

As Vice President, Head of Investments, Najada Kumbuli leads Visa Foundation’s investment and grant portfolio, enabling entrepreneurs and small businesses to thrive in the digital economy. Under her leadership, Visa Foundation has allocated over $240 million in private market capital and grants to advance global economic empowerment.

• LinkedIn

Fund Information

Visa Foundation seeks to support inclusive economies where individuals, businesses, and communities can thrive. Through strategic grant making, investing and partnerships, Visa Foundation focuses on fostering economic growth, supporting broader community needs, and providing humanitarian assistance in times of crisis. Visa Foundation is registered in the U.S. as a 501(c)3 entity.

• Website

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Thanks to Million Podcasts for being featured in the following categories:
35 Best Angel Investors Podcasts, 30 Best Female Investing Podcasts, 90 Best Alternative Investment Podcasts, 60 Best Female Finance Podcasts, 40 Best Impact Investing Podcast and 100 Best Venture Capital Podcasts list.

https://www.millionpodcasts.com/angel-investors-podcasts/
https://www.millionpodcasts.com/female-investing-podcasts/
https://www.millionpodcasts.com/alternative-investment-podcasts/
https://www.millionpodcasts.com/female-finance-podcasts/
https://www.millionpodcasts.com/impact-investing-podcasts/
https://www.millionpodcasts.com/venture-capital-podcasts/

If you enjoyed this episode, subscribe to the Female VC Lab Podcast for more insights from leading female investors shaping the future of venture capital. Share this episode with someone who would benefit from their impactful stories and vision.

Got thoughts on this episode? Hit reply and let me know! I’d love to hear from you. 💌

Best,
Barbara

Hi {{ first name | Impactful Listener }}!

In this enlightening episode, host Barbara Bickham sits down with Erika Aquino, an angel investor and strategic adviser based in Singapore with global reach. Erika shares her journey into investing, her community-focused investment thesis, how she leverages AI in her process, and her thoughts on the evolving intersection of technology and impact investing. The conversation dives deep into the importance of founder-funder chemistry and the need for meaningful, community-oriented venture capital.

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Key Points Discussed

• Erika’s Path to Investing: Inspired by her father's legacy as a tech founder and angel investor, Erika took over her family business board seat and expanded their investment activities, focusing on impactful sectors.

• Investment Thesis: Erika closely invests in women- and minority-owned ventures in sustainability, wellness, future of work, and education—often at the pre-seed through Series A stage.

• AI & Investor Workflow: She describes how AI supercharges her research, deep diligence, and scheduling—cutting her time investment by up to 75%.

• Founder Qualities: Beyond technical intelligence, Erika emphasizes the critical role of a founder’s emotional intelligence (EQ), attitude, and mindset.

• Future of Angel Investing: Despite unchanged fundamentals, she predicts increased focus on global impact, AI integration, and the deepening connection between investment and community betterment.

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Chapters

• 00:00 – Erika’s introduction & background

• 00:28 – Taking over the board and early angel investing

• 01:14 – Investment thesis: sector focus and personal motivation

• 02:15 – Current learning: the rapid evolution of AI and importance of EQ

• 03:38 – Books and research Erika's focusing on

• 04:09 – Interest in food sovereignty and agriculture

• 05:13 – The evolving role of angel investing and global impact

• 06:55 – How AI is changing the investment landscape

• 08:32 – Balancing AI and human touch in tech and business

• 09:56 – How to contact Erika

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Full Topic Guide

Redefining Impact: Erika Aquino on the New Wave of Angel Investing

How global perspective, founder EQ, and artificial intelligence are reshaping the world of early-stage investment.

Inspired Beginnings: From Family Business to Global Investment

Erika Aquino’s journey into the world of investing is both personal and deeply rooted in legacy. Growing up in the Philippines and witnessing her father build a successful tech company, Infinite O, she gained exposure to entrepreneurship and investing from an early age. When her father became ill, Erika stepped up to take his board seat, continuing not only the family business but expanding its vision. Early collaboration with her father on deal flow and evaluating opportunities laid the foundation for a rigorous, yet compassionate, investment style.

A Community-Driven Investment Thesis

Erika’s investment focus is guided by a commitment to social impact. As a Filipino citizen with global ties, she’s acutely aware of the power— and necessity—of deploying resources to communities that need them most. Her thesis centers on funding women- and minority-owned startups within sustainability, wellness, the future of work, and education, considering adjacent spaces like biotech and agriculture as well.

Erika tends to invest at the crucial early stages, typically from pre-seed to Series A. For her, the ultimate draw is finding founders and companies poised to make tangible differences in their immediate and broader communities.

AI as a Research and Due Diligence Powerhouse

The conversation quickly turns toward artificial intelligence, with Erika candidly observing that “AI just evolves every five minutes.” Rather than seeing this rapid change as a threat, she describes how AI is already an integral part of her investment workflow. From deep research and industry mapping to scheduling and founder backgrounds, AI has dramatically reduced inefficiencies, freeing her to focus on high-impact decision-making. The technology’s use cases aren’t limited to streamlining operations; Erika recognizes AI entrepreneurship in key sectors as critical to the next wave of investments.

The Human Dimension: Why Founder EQ Matters

Smart founders are commonplace—but, according to Erika, what truly distinguishes an investable leader is emotional intelligence. She recounts that “what sets you apart is your attitude, your lifestyle, your mindset, and the chemistry between the founder and the funder.” In her view, venture and angel investing will increasingly reward those who combine technical savvy with relationship-building and mission-driven motivations.

The Evolving Role of Angel Investing: A Global, Impactful Lens

Looking forward, Erika argues that the core structure of angel investing hasn’t fundamentally shifted—but the perspectives of investors have. Today’s climate, shaped by AI, international market volatility, tariffs, and shifting supply chains, demands a more globally responsible and community-oriented approach. She encourages peers to measure opportunities not just by profitability, but by their true effect on the ecosystem and those served.

Notable Quotes from the Guest

Fun Facts or Interesting Tidbits

• The Philippines is the world’s most disaster-prone country, making issues like food sovereignty and agricultural innovation especially urgent for Erika.

• Erika admits that AI tools have decreased her research and diligence workload by up to 75%.

• She’s deeply interested in exploring how “food giants” influence consumption—a passion stoked by her country’s natural disaster exposure.

Episode Resource: Learning, Reading, and Listening

Here are the resources Erika Aquino mentioned during the episode:

• Pitch Decks
  (No specific titles provided; refers to startup investment materials.)

• Research Papers and White Papers
  (No specific titles provided; general reference to industry and market research documents.)

• Book: Food Free Will and How the Food Giants Exploit Our Addictions

Erika also mentioned ongoing learning about rapid developments in AI, founder EQ, and a growing interest in food supply and agriculture sectors.

Featured Guest Bio

Erika Aquino is a global citizen, angel investor, and advisor who believes profit and purpose go hand in hand. She backs bold founders creating impact, gives back through mentorship, and champions diversity. Her values-first work spans continents, focused on inclusion, growth, and meaningful change.

• Contact:
  LinkedIn: https://www.linkedin.com/in/erika-aquino 
  Instagram: https://www.instagram.com/iamerikaaquino/
  Email: hello@erika-aquino.com

Fund Information

Aquino Global Ventures invests in early-stage startups driving real impact in wellness, sustainability, and education. Focused on diverse founders, the fund provides capital, strategy, and a global network—supporting purpose-driven businesses to scale without compromising values.

• Website: https://www.erika-aquino.com/ventures

• Socials: https://www.erika-aquino.com/ventures

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Thanks to Million Podcasts for being featured in the following categories:
35 Best Angel Investors Podcasts, 30 Best Female Investing Podcasts, 90 Best Alternative Investment Podcasts, 60 Best Female Finance Podcasts, 40 Best Impact Investing Podcast and 100 Best Venture Capital Podcasts list.

https://www.millionpodcasts.com/angel-investors-podcasts/
https://www.millionpodcasts.com/female-investing-podcasts/
https://www.millionpodcasts.com/alternative-investment-podcasts/
https://www.millionpodcasts.com/female-finance-podcasts/
https://www.millionpodcasts.com/impact-investing-podcasts/
https://www.millionpodcasts.com/venture-capital-podcasts/

If you enjoyed this episode, subscribe to the Female VC Lab Podcast for more insights from leading female investors shaping the future of venture capital. Share this episode with someone who would benefit from their impactful stories and vision.

Got thoughts on this episode? Hit reply and let me know! I’d love to hear from you. 💌

Best,
Barbara

Hi {{ first name | Impactful Listener }}!

Peyton Manning achieved legendary status during his illustrious career in the National Football League, marked by Super Bowl victories and numerous accolades. However, as one speaker in the sources notes, in "quote, retirement," Peyton Manning seems even busier than he was during his playing days. His post-football ventures, including his long-standing partnership with Nationwide and the booming success of Omaha Productions, demonstrate a different kind of success, one built on a completely different skill set. But, as the sources reveal, the transition wasn't a leap into the unknown; it's deeply rooted in powerful lessons learned on the football field. These insights into leadership, preparation, planning, and resilience are not just applicable to sports but serve as a powerful framework for success in business and life's "second chapter" from the Milken Global Conference.

One of the most significant takeaways from football, according to Peyton Manning, is the concept of leadership. Playing quarterback naturally places you in a leadership role. However, he quickly learned that leadership is not automatic; it must be earned. Simply having a title, whether quarterback, president, manager, or CEO, does not make you a leader. For him, earning leadership meant earning the respect of his teammates. He recounts a humorous anecdote from his college days where, as a freshman entering the huddle, he tried to deliver a "big rah rah speech". A large offensive lineman, weighing about 330 pounds, quickly cut him off, telling him to "shut the blank up and follow the blank and play". This moment reinforced the fundamental truth that respect must be earned. To be influential, you must earn the trust of those you are trying to lead. This lesson about earning respect and trust is directly applicable to business, particularly in financial services, where companies like Nationwide must earn the trust and respect of their clients. It's about building that trust with clients, coaching them, and encouraging them to ask questions.

Beyond leadership, preparation is a core principle that has transferred seamlessly from football to Peyton's current endeavors. He cites a quote from former Pittsburgh Steelers head coach Chuck Noll, which he received in high school: "Pressure is something that you feel alone, you don't know what you're doing". This quote resonated throughout his sports career and continues to apply to business and life. It underscores the importance of doing your homework, preparing thoroughly, and asking questions. Peyton admits he wasn't a quarterback who could throw the ball the farthest or outrun anyone. His edge came from preparation, studying opponents "out of sight in a week". This commitment to preparation remains with him today.

This focus on preparation ties into the crucial lesson of planning, especially when it comes to anticipating potential challenges and making adjustments. Peyton uses the example of calling audibles in football. An audible occurs when the quarterback changes the play at the line of scrimmage based on how the defense is lined up. While it might look spontaneous, like the quarterback is "winging it on the fly," every audible called had been practiced and discussed beforehand. They had a plan: "if the defense ever does this, this is what we're going to audible to". This plan might have been for that specific week's game, the next week's game, or even later in the season, but it was a predetermined response. "Winging it," he stresses, is not good on the football field, nor is it good in the financial industry. His message is clear: don't wait until something comes about and then figure it out. Have a plan for potential situations. He connects this directly to longevity, noting that people are living longer, perhaps to 100 years old, which requires a different type of planning. The advice is to plan now, figure it out now, and avoid "winging it," which can lead to negative outcomes, like interceptions in football or poor results in the financial world. While not every audible or plan works out perfectly, and sometimes you might second-guess a decision, having a plan and being able to adjust is key.

Another vital lesson is the necessity of continuous coaching and learning. Even after achieving significant success, Peyton believes everyone, including himself and financial coaches, needs to keep being coached. He played football until he was 40 but still feels coached today. He sought out honest and candid individuals – old coworkers, teachers, coaches – for guidance. He highlights his practice of visiting his college coach, David Cutcliffe, every NFL offseason, even in his 17th year. He would work on the most basic fundamentals, like taking a snap or calling a play in the huddle. While it might seem unnecessary for a seasoned veteran, the point is that the little things matter. Performance often declines when you stop focusing on these fundamental aspects. This principle applies equally to financial professionals coaching their clients.

Success in any field isn't linear; there will be adversity and mistakes. Peyton acknowledges that everyone will face these challenges, and the response is crucial. He reflects on devastating losses in playoff games that his teams probably should have won before finally reaching and playing in four Super Bowls. These losses were moments that could have broken an organization or led to personnel changes.
Instead, the teams stuck together, committed to improving, and eventually overcame the hurdles. He sees facing adversity as a great test, one that teaches perseverance. While you don't want to go through it, sometimes it's necessary to learn. Reflecting on whether you learn more from losing than winning, he mentions his father's experience with tough seasons with the Saints. His dad's main takeaway from his career wasn't the win-loss record but the relationships he made, indicating no regrets despite the tough times. Peyton personally identifies more with the sentiment expressed by Jimmy Connors: "I hate to lose more than I like to win," and disliking seeing happiness on opponents' faces after being beaten. This perspective underscores the deep drive to avoid failure while implicitly valuing the lessons it provides.

These lessons from the gridiron form the foundation of Peyton Manning's successful "second chapter." His partnership with Nationwide is a prominent example.He has represented them for 11 years, starting while he was still in the NFL. He was honored to be chosen and values their shared principles, including giving back to communities. He has witnessed firsthand Nationwide's evolution from primarily an insurance company to also a financial services provider. He feels this mirrors his own transition from being solely "Peyton Manning the football player" to also being involved in new ventures. Nationwide's role as an NFL sponsor allowed him to wear his actual Broncos jersey in commercials, which was a plus for him as a player. He enjoys doing the commercials and the Nationwide jingle has developed a life of its own, with people often repeating it to him. He is particularly proud of Nationwide's sponsorship of the Nationwide NFL Man of the Year award, which recognizes players for their community service. He considers it the most important award in the NFL because it highlights positive actions that might otherwise go unnoticed, encouraging more people to do good things. His experience at Nationwide events has shown him the company's focus on protecting and planning for their customers' and clients' futures, which he appreciates.

Another significant part of his post-football life is Omaha Productions. The company's name comes directly from the word "Omaha," which he used as an indicator word after calling an audible in football to signal that the ball was about to be snapped. The reason fans could hear this and other on-field communication was because the NFL turned up microphones on the sidelines about 12 years ago, which helped bring viewers closer to the game but also allowed opposing defenses to pick up on offensive signals. The "Omaha" audible gained notoriety, leading to a deal where he received a key to the city of Omaha and steaks. While he didn't know much about production companies while playing, being "so wired in" to his job as quarterback, retirement prompted him to explore new paths. Following the advice to figure out what he didn't want to do (like coaching or traditional broadcasting), the pandemic presented an opportunity for remote broadcasting. This led to the idea for the Manningcast with his brother Eli, initially thought to be a joke by Eli, who was surprised by the concept of getting paid to watch football from home. Omaha Productions produces the Manningcast. What Peyton likes about the company is that it not only produces shows he's in but also those he's not, allowing him to be an "offensive coordinator on the sidelines," helping others tell their stories. The goal is to produce positive, unifying content that brings people together. Examples include 'Peyton's Places' (history of football) and 'Sue's Places' with Sue Bird (history of college basketball). The Manningcast, while perhaps not drawing the same raw numbers as the main broadcast, attracts a different type of viewer, which the NFL values for broadening its audience. It also allows Peyton to work with his brother and, notably, do the show from his neighbor's garage in Denver, freeing up time to coach his kids' youth sports on weekends.

In conclusion, Peyton Manning's transition from celebrated athlete to successful entrepreneur and media personality is a powerful testament to the enduring value of lessons learned through dedicated practice and competition. The principles of earned leadership, meticulous preparation, proactive planning, continuous learning, and resiliently facing adversity that guided him on the football field are now driving his success in his "second chapter". His work with Nationwide underscores the importance of trust and planning for the future., while Omaha Productions highlights his ability to apply strategic thinking and build a team in a new industry, all while creating content that aligns with positive values. These insights demonstrate that the discipline and strategic thinking honed in sports can be incredibly valuable assets in navigating the complexities of business and life beyond the game.

Thanks to Million Podcasts for featuring the podcast in the following categories:
35 Best Angel Investors Podcasts, 30 Best Female Investing Podcasts, 90 Best Alternative Investment Podcasts, 60 Best Female Finance Podcasts, 40 Best Impact Investing Podcast and 100 Best Venture Capital Podcasts list.

https://www.millionpodcasts.com/angel-investors-podcasts/
https://www.millionpodcasts.com/female-investing-podcasts/
https://www.millionpodcasts.com/alternative-investment-podcasts/
https://www.millionpodcasts.com/female-finance-podcasts/
https://www.millionpodcasts.com/impact-investing-podcasts/
https://www.millionpodcasts.com/venture-capital-podcasts/

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Hi {{ first name | Impactful Listener }}!

In this episode of Female VC Lab, Cheryl L. Evans joins host Barbara Bickham from the Milken Institute’s Global Conference to discuss longevity, retirement planning, and the emerging wealth transfer impacting women and future generations. Drawing on her background in securities law and financial education, Cheryl shares actionable insights about financial security, the necessity of lifetime income, and challenges and opportunities for younger generations in today’s economic landscape.

🎧 Listen to the Episode

Key Points Discussed

• The importance of financial security throughout one's life and the evolution of retirement planning concepts.

• How longevity trends, generational wealth transfer, and gender are shaping financial futures.

• Innovative retirement products like guaranteed income and their role in replacing declining pension plans.

• Personalization of retirement and financial plans according to individual lifestyles and aspirations.

• The future of venture capital, especially regarding women’s growing involvement and leadership as beneficiaries of the wealth transfer.

🎧 Watch the Episode

Chapters

• 00:14 Cheryl’s introduction and journey from securities law to financial security advocacy.

• 01:33 Discussing Gen Z, Millennials, and the unique headwinds they face in wealth-building.

• 04:16 Insights from the retirement lessons panel, longevity, and the evolving definition of retirement.

• 05:47 Decline of traditional pensions and rise of guaranteed income products.

• 10:05 The impact of longer life spans and the wealth transfer on venture capital and women’s economic empowerment.

• 13:21 Cheryl’s vision for more women in VC and actionable resources for getting involved.

Full Topic Guide

The New Era of Financial Security – Strategies for Lasting Impact

Opening the Conversation: From Law to Longevity (Introduction)

In Episode 113 of Female VC Lab, Cheryl L. Evans, Director of the Lifetime Financial Security Program at the Milken Institute, sits down with host Barbara Bickham to explore the shifting landscape of financial security. Having traversed a career from the Securities and Exchange Commission to coaching and global finance think tanks, Cheryl brings a unique perspective on helping individuals achieve security at every life stage.

Addressing the Needs of Younger Generations

The episode spotlights the hurdles facing Millennials and Gen Z: housing affordability doubts, student loan burdens, and uncertainties around traditional wealth-building paths. Cheryl describes how the Milken Institute is broadening its approach beyond retirement to include early-stage wealth building. She highlights a panel featuring experts from personal finance education, student debt solutions, major financial institutions, and women-focused investment platforms like Ellevest, focusing on both macroeconomic trends and tangible solutions.

Rethinking Retirement in the Longevity Economy

Retirement today is not what it once was. With more people living well into their 80s and beyond, retirement planning must evolve. The episode recaps a Milken panel—featuring thought leaders from Morningstar, Transamerica, and others—about adapting to this new reality. Key themes include the personalization of retirement strategies (“visualizing your life so you know how much you need”), the decline of pension plans, and the critical role of “lifetime income” or guaranteed income products (annuity-like investments within 401(k)s).

Guaranteed Income Products: A New Safety Net

As traditional pensions fade, Cheryl explains the industry's innovative response: embedding guaranteed income products into retirement plans. These options can offer financial security akin to pensions, though not typically adjusted for inflation. Yet, uptake is slow due to lack of awareness, legal complexities, and the need for employer and employee education. The conversation stresses why such products should be recognized as their own asset class and how they can help prevent poverty among retirees.

Wealth Transfer, Women, and the Future of Venture Capital

Cheryl addresses the “great wealth transfer,” with women positioned to inherit and control increasingly significant assets. Combined with the growing trend of older entrepreneurs and longer working lives, this shift could transform venture capital—potentially fueling more women-led startups and VC firms. Through initiatives like the Milken Institute’s Women’s Financial Security program, Cheryl advocates for empowering women with financial confidence and support, inspired in part by leaders like Gloria Steinem.

Personalization, Visualization, and Empowerment

A central message is the need for everyone to craft personalized financial plans based on their life visions. Cheryl highlights tools, expert advice, and the importance of being proactive—"plan the life so you know how you're going to fund it." The episode closes with resources for engaging with the Milken Institute and a look ahead at its high-tech Washington center focused on advancing the American Dream.

Notable Quotes from the Guest

Fun Facts or Interesting Tidbits

1. Cheryl once facilitated a women’s financial confidence discussion circle led by Gloria Steinem in her New York home at age 91.

2. The Milken Institute is about to launch a high-tech center dedicated to financial security—right by the White House.

3. Most retirees today receive an average Social Security benefit of under $2,000/month, below what’s needed for basic living.

Episode Resource: Learning, Reading, and Listening

In the episode, Cheryl Evans shared various resources she is currently learning from, reading, or listening to. Here are those resources:

• Wiser Than Me podcast by Julia Louis-Dreyfus
  Listen on Spotify
  Cheryl highlighted this as a great podcast where Julia Louis-Dreyfus interviews older women from a variety of backgrounds, sharing nuggets of wisdom and lived experience.
  

• Let Them by Mel Robbins
  Check it out on Mel Robbins' website
  Cheryl referenced reading this book while traveling, noting its focus on allowing people to be themselves in all types of relationships.
  

• Milken Resources

  Lifetime Financial Security Report: https://milkeninstitute.org/report/shifting-retirement-paradigm-financial-security

  
  Enhancing Retirement: Advancing Lifetime Income for All

  https://milkeninstitute.org/content-hub/research-and-reports/reports/enhancing-retirement-advancing-lifetime-income-all

  
  Our Afternoon with Gloria Steinem 
  https://milkeninstitute.org/article/our-afternoon-gloria-steinem

  
  Addressing the Financial Headwinds Faced by Gen Z and Millennials https://vimeo.com/1076695634
  
  https://www.aarpinternational.org/initiatives/future-of-work/future-of-work-five-megatrends-pov/2023/09/future-of-work-cheryl-evans

These resources give insights into various aspects of finance, investments, and notable financial events, which can be highly beneficial for anyone interested in the field of venture capital or financial services.

Featured Guest Bio

Cheryl L. Evans, JD, leads the Lifetime Financial Security (LFS) Program of the Milken Institute’s Finance pillar. She frequently discusses a variety of issues related to financial security and retirement savings and has been cited in publications such as US News and World Report, Yahoo Finance, Bloomberg News, MarketWatch, CBS News, Pensions & Investments, McKnight’s Senior Living, and TheStreet. Evans is the co-author of Shifting the Retirement Paradigm: Moving toward Lifetime Financial Security and Enhancing Retirement: Advancing Lifetime Income for All. She has also written for the Work Megatrends Section of AARP’s International website and has published several law review articles.

Evans has worked at CFA Institute, where she worked in its enforcement program, helped lead the research for its Future of Finance global initiative, and worked in its educational events and programs area, where she also spoke on issues faced by women in finance and law. She worked as special counsel at the US Chamber of Commerce, where she engaged in legal writing, public speaking, advocacy, and strategy work and was registered as a federal lobbyist. Evans was also a part of the Chamber’s economic crisis working group, contributed to two capital markets studies, led a large economic study, and led two academic working groups focused on securities litigation and corporate criminal law.

She spent over 11 years as senior counsel at the US Securities and Exchange Commission (SEC). At the SEC, Evans worked in the Division of Enforcement, where she handled a variety of investigations, was a member of the WorldCom case team, served as the liaison to the Office of International Affairs, and was a part of a criminal fraud task force. She also worked in the division of Trading and Markets, where she approved financial products and interpreted trading rules, and in the division of Examinations, where she inspected compliance programs, at the SEC.

Evans was appointed to work as a special assistant US attorney in the Eastern District of Virginia prosecuting felony and misdemeanor criminal cases. She also served as a trial attorney in the Commercial Litigation Section of the US Department of Justice, where she worked at both the trial and appellate levels handling international trade cases, banking trials, and government contract bid protests, and she served as a judicial law clerk at the US Court of Appeals for Veterans Claims. Evans holds a BA from Marietta College, a JD from Rutgers Law School, and an LLM in transnational business practice from the University of the Pacific’s McGeorge School of Law and Salzburg Law School in Austria. She is a member of the Pennsylvania Bar.

• LinkedIn

• Email: cevans@milkeninstitute.org

• Phone: (646) 988-9972

Fund Information

The Milken Institute Finance pillar addresses challenges across the financial system to increase access to capital, savings, and investments, particularly for underserved individuals, businesses, and communities. Our thought leadership, research, and insights influence private sector practices and public sector policies that improve equitable access, efficiency, and reliability of financial markets and institutions.

• Milken Institute Website

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In an era defined by rapid technological change, the United States finds itself at a crossroads—where the power of innovation collides with national security, economic strategy, and global leadership. Few understand the stakes and the machinery of action better than Michael Kratsios, who currently serves as the Assistant to the President for Science and Technology and the Director of the White House Office of Science and Technology Policy (OSTP).

In a recent fireside chat, Kratsios unpacked how the White House is navigating the unprecedented pace of scientific advancement and its implications for everything from artificial intelligence to biotechnology. The OSTP is not merely a think tank nestled in the Executive Office—it is the nerve center for U.S. policy coordination on science and technology across the federal government.

A Mandate to Coordinate National Innovation

Kratsios began by setting the foundation: “OSTP is one of the four key policy offices in the White House,” he explained. “Alongside economic, domestic, and national security policy offices, OSTP plays a pivotal role in steering science and technology strategy.” But what makes this office unique is not just its purview—it’s the scale of its orchestration.

Science and technology policy in the U.S. is dispersed across numerous agencies: NIH handles health research, NSF focuses on basic science, the Department of Defense invests in high-end technologies for defense applications, and so on. The OSTP serves as the policy conductor, ensuring these various instruments play in harmony with the President’s vision.

So when the President declares, “America must lead in artificial intelligence,” it’s OSTP’s job to turn that declaration into coordinated action—making sure the Department of Energy, NASA, HHS, DOD, and others each contribute effectively to that goal.

The Golden Age of American Innovation

Kratsios framed the moment as a “golden age of American innovation,” a phrase echoed by President Trump in previous remarks. The role of the White House, he emphasized, is not to stifle innovation with heavy-handed regulation but to “promote and protect” it.

This dual strategy—promotion and protection—serves as a balancing act. On one side, the OSTP works to catalyze research, encourage private-sector breakthroughs, and foster a competitive edge in fields like AI, quantum information science, and nuclear energy. On the other, it’s equally focused on safeguarding these technologies through measures such as export controls and strategic investments to prevent adversaries from exploiting American innovation.

Artificial Intelligence: A Keystone Technology

No conversation about emerging technologies is complete without a deep dive into artificial intelligence. AI, according to Kratsios, is more than a scientific endeavor—it’s a national imperative.

“AI touches every part of our lives—from healthcare to defense to agriculture,” he noted. “We are focused on making sure the U.S. remains the world leader in AI development and responsible deployment.” Under his leadership, OSTP has driven major initiatives such as the American AI Initiative, designed to enhance research funding, build the AI workforce, and set standards for trustworthy AI.

Importantly, the OSTP approach is rooted in open innovation. Rather than building walls around AI technologies, the strategy promotes collaboration with universities, startups, and allies to create a vibrant and competitive ecosystem.

Quantum, Biotech, and Beyond

While AI often grabs headlines, Kratsios emphasized that it’s just one piece of a broader tech puzzle. Quantum information science, for instance, represents a revolutionary leap in computing and encryption. The OSTP has been instrumental in laying down a national strategy, including partnerships with the private sector to build quantum testbeds and infrastructure.

Biotechnology also sits high on the agenda. From pandemic preparedness to agricultural productivity, advances in biotech can improve lives and bolster economic resilience. The OSTP is working to ensure the U.S. remains at the forefront of this space, both in innovation and in ethical frameworks for its use.

A Public-Private Future

Kratsios’ unique background—straddling the private and public sectors—has shaped OSTP’s approach to engagement. Before entering public service, he worked at Scale AI and invested in early-stage technology firms. This lens has made him a staunch advocate for integrating Silicon Valley dynamism into government strategy.

“We need to meet innovators where they are,” he said, underscoring efforts to streamline partnerships, reduce red tape, and attract private capital to national challenges.

OSTP has also been working to modernize research and development (R&D) infrastructure. This includes not only boosting federal R&D spending but also reforming tech transfer policies so discoveries in federal labs can make their way into market-ready solutions faster.

National Security Meets Innovation

Perhaps the most profound shift in recent years has been the convergence of national security and innovation. Technologies like semiconductors, AI, and hypersonics are no longer just academic or commercial—they are battlegrounds of geopolitical influence.

Kratsios spoke about “strategic decoupling,” including export controls that prevent sensitive technologies from being exploited by rival nations. But rather than isolating America, these policies are about smart engagement—ensuring the U.S. and its allies can cooperate on shared innovation goals while guarding against threats.

“We want to lead in building a trusted global ecosystem,” he explained. That includes setting global norms and standards that reflect democratic values, not authoritarian control.

Regulation with a Light Touch

Despite the growing importance of technology, Kratsios cautioned against heavy-handed regulation. The goal is to ensure innovation continues at speed, while still addressing real concerns such as data privacy, algorithmic bias, and cybersecurity.

OSTP’s philosophy has leaned on “risk-based” regulation: allowing experimentation and scaling in low-risk environments, while tightening oversight where consequences are more serious—such as AI in medical devices or autonomous vehicles.

This regulatory posture is also designed to avoid a patchwork of conflicting state laws that could stifle national innovation. The OSTP is working with Congress, agencies, and industry to find the right balance.

The Next Generation of Talent

Kratsios ended with a forward-looking note on workforce development. To win the future, the U.S. must invest not only in technology, but in people.

From K–12 STEM education to community college reskilling programs, OSTP is spearheading initiatives to prepare the next generation of engineers, scientists, and entrepreneurs. Diversity and inclusion are core components—ensuring the innovation economy is one where all Americans have a stake and a path to contribute.

Final Thoughts

As Michael Kratsios continues to lead America’s scientific and technological charge, one thing is clear: the role of the OSTP has never been more critical. At a time when the stakes of innovation stretch across war rooms, boardrooms, and classrooms, his office is the linchpin of national strategy.

Whether it’s shaping AI policy, building quantum infrastructure, or defending the innovation ecosystem from foreign threats, the OSTP’s work represents the heart of a 21st-century national agenda. In Kratsios’ words, “We are not just witnessing the future—we are building it.”

Click here to watch the full session

As artificial intelligence (AI) reshapes every aspect of modern life—from education and healthcare to law and national security—governments, technologists, and the public are increasingly faced with critical questions: How do we foster innovation while safeguarding society? Who holds the reins when powerful AI tools can both empower and disrupt? And how can we ensure transparency, accountability, and ethical use across diverse industries?

These are the urgent issues explored at “The AI Rollout,” a timely and thought-provoking panel discussion held on May 5, 2025. Featuring leading figures from DeepMind, AWS, Apple, Perplexity, and legal experts specializing in intellectual property and AI regulation, the event brought together public and private sector voices for a conversation that underscored both the promise and the peril of AI.

Below, we’ll break down the key takeaways from the panel and reflect on what they mean for the road ahead.

1. We’re Living Through a Historic Technological Shift

The session began with a recognition of the moment we’re in: a pivotal juncture in the technological evolution of humanity. AI is not simply another tech wave—it’s a revolutionary transformation with far-reaching implications for society, governance, and human interaction.

Lila Ibrahim, COO at DeepMind and one of the top 100 minds in AI in 2023, noted that DeepMind was founded in 2010 with a mission to “build AI responsibly to benefit humanity.” Responsibility, she emphasized, was not an afterthought but a foundational principle. Governments have increasingly turned to firms like DeepMind for guidance on how to make this powerful technology safe.

This marks a shift: AI is no longer just the domain of engineers or entrepreneurs; it’s a matter of public policy, ethics, and national interest.

2. Government and Private Sector Must Collaborate on AI Safety

A recurring theme throughout the panel was the crucial importance of collaboration between public institutions and private innovators. While governments must establish safeguards and accountability frameworks, much of the knowledge and innovation originates from private labs and startups.

As Dimitri Shabanko from Perplexity AI pointed out, “We’re in an era where the models being created are not only more powerful but also more accessible.” This accessibility heightens the urgency for joint oversight. Perplexity, now one of the fastest-growing AI startups, exemplifies how quickly new players can scale—and why agility in regulation is necessary.

Emmanuel Dave Levy, who has worked at AWS and Apple leading public-sector initiatives, argued that adoption and safety are two sides of the same coin. “We can’t afford to let innovation stall, but we also can’t turn a blind eye to the real consequences of misuse,” he said. His unique vantage point bridging tech giants and government gave his remarks particular weight.

3. Transparency and Trust Are the Cornerstones of Progress

One challenge facing the AI industry is a pervasive lack of public trust. Black-box systems, deepfakes, and opaque data practices have all contributed to widespread skepticism. To earn public confidence, panelists agreed, AI companies must prioritize transparency and open communication.

This doesn’t just mean releasing whitepapers—it means explaining how models work, what data they are trained on, and what risks they carry. As Lila Ibrahim stated, “We must put in the work to earn society’s trust, especially as the capabilities of these systems increase.”

Sean Pack, a leading legal voice in intellectual property and AI governance, reinforced this point: “If we don’t have transparency, we won’t have legitimacy.” Legal frameworks must evolve in lockstep with technological capabilities to ensure enforceability, especially as generative AI produces vast amounts of synthetic content.

4. AI Regulation Needs to Be Agile, Not Reactive

While many countries are moving forward with national AI strategies and draft regulations, the panel warned that overly rigid or outdated policies could stifle innovation or push companies offshore. What’s needed, they argued, is agile regulation—frameworks that can adapt to rapid advancements without compromising oversight.

One idea floated was a “regulatory sandbox” model where companies could test new models under guided conditions with oversight from regulators. This would allow innovation to continue while still surfacing potential harms before they reach scale.

There was also discussion around international collaboration. With AI systems increasingly borderless, unilateral regulation is often ineffective. Panelists called for global standards and interoperability—a sort of “AI Geneva Convention” to ensure consistent rules on ethics, safety, and fair use.

5. The Future of Work Hinges on Proactive Training and Inclusion

Beyond safety and innovation, the rollout of AI has profound implications for employment, education, and inclusion. While AI has the potential to boost productivity and unlock new industries, it also risks displacing millions of workers if governments and institutions don’t act now.

Speaker after speaker stressed the importance of workforce reskilling, especially for mid-career professionals and marginalized communities. “If we don’t bring everyone along, the digital divide will become a chasm,” said Levy.

Panelists discussed a variety of strategies, including:

• Public-private partnerships to deliver AI training

• Apprenticeship programs for high school and community college students

• Inclusion targets for historically underrepresented groups in tech

• Support for small businesses to integrate AI responsibly

This isn’t just about economic inclusion—it’s also about building trust. A society that benefits broadly from AI is more likely to support its continued development.

6. Legal Challenges Are Emerging—and Evolving

From copyright infringement to biometric privacy, the legal questions surrounding AI are far from settled. Sean Pack offered a sobering reminder that the law is still playing catch-up. “In the absence of legal precedent, we’re relying heavily on interpretation,” he said.

Two pressing legal issues stood out:

• Intellectual Property: Who owns content generated by AI? If a model is trained on copyrighted materials, does it infringe upon those rights? The answers are still murky and vary across jurisdictions.

• Data Privacy and Consent: AI systems trained on user data raise critical consent issues. Europe’s GDPR has set a high bar, but other nations have yet to implement similarly strict standards.

The legal system’s slow pace creates a vacuum that must be filled by ethical frameworks and corporate responsibility. But as AI becomes further embedded in daily life, court decisions and legislation will eventually catch up—and reshape the industry.

7. Sustainability Must Be Part of the AI Conversation

One of the lesser-discussed but vital themes was environmental sustainability. Training and deploying large-scale AI models consumes significant energy. As the climate crisis accelerates, the industry must reckon with its carbon footprint.

Some suggestions raised:

• Optimizing data center efficiency

• Using renewable energy sources

• Building smaller, more efficient models

• Disclosing the energy usage of training processes

The panel agreed that sustainability cannot be an afterthought. “AI should be a force multiplier for sustainability—not an additional burden,” said Ibrahim.

8. We Need Ethical Guardrails—Not Just Technical Benchmarks

The discussion closed on a philosophical but urgent note: AI must be developed with an ethical north star. It’s not enough to simply make systems smarter, faster, or more accurate—we must also make them fair, inclusive, and aligned with human values.

This includes:

• Addressing bias in training data

• Designing models to prevent harmful outputs

• Ensuring AI tools are accessible to people with disabilities

• Preventing the use of AI for surveillance or manipulation

Panelists agreed that these questions won’t be solved by engineers alone. They require input from ethicists, social scientists, artists, and everyday users. “AI doesn’t just reflect our values—it shapes them,” said one speaker. “So we have a responsibility to get it right.”

Conclusion: The Road Ahead

“The AI Rollout” panel made one thing clear: the deployment of AI is not just a technical challenge, it’s a societal reckoning. We are being asked—collectively—to decide how this technology will shape our world. Will it empower or exclude? Safeguard or surveil? Transform or disrupt?

We need bold leadership, transparent dialogue, and agile regulation. But above all, we need a shared vision rooted in humanity, equity, and justice.

As AI continues to evolve, so too must our frameworks for trust, accountability, and responsibility. The rollout is already happening. Now it’s up to us to shape what comes next.

To watch the entire interview, click here.

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Hi {{ first name | Impactful Listener }}!

In this episode of the Female VC Lab Podcast, host Barbara Bickham sits down with Mary King, Vice President at the Aligned Climate Fund, the venture strategy of Aligned Climate Capital. Mary shares her journey into venture capital, discusses the fund's investment thesis focused on decarbonizing infrastructure, and offers insights into the evolving landscape of climate tech, energy innovation, and the future of venture capital.

🎧 Listen to the Episode

Key Points Discussed

• Origins and Motivation: Mary’s path to climate-focused venture capital, mentorship, and early industry exposure.

• Aligned Climate Fund Thesis: Investing in companies advancing the clean energy transition across sectors like clean energy, electric transport, infrastructure, and sustainable land use.

• Approach to Energy Innovation: Interest in both intermittent and base load clean energy like solar, battery storage, and geothermal, with commentary on nuclear and waste-to-fuel technologies.

• Emerging Tech and Distributed Solutions: Exploration of novel solutions such as point source carbon capture and microgrid technologies for resilience and distributed power.

• VC Landscape Transformation: The anticipated role of AI and data in speeding up due diligence and investment processes, especially within climate venture capital.

🎧 Watch the Episode

Chapters

• 00:00 Introduction and guest background

• 00:24 Mary’s inspiration to join venture capital

• 00:50 Aligned Climate Fund’s investment thesis and focus

• 01:57 Discussion on geothermal, nuclear, and waste-to-fuel energy sources

• 03:40 Current areas of research: Power electronics and geothermal applications

• 04:53 Investment in point source carbon capture and the shift to distributed energy

• 07:12 Outlook on the evolution of venture capital and climate VC

• 09:21 How listeners can connect with Mary

Full Topic Guide

Accelerating the Clean Energy Transition: Inside Aligned Climate Fund’s Venture Strategy

The Road to Climate Venture Capital

Mary King took an unconventional journey into venture capital, ignited by a formative co-op experience at Hercules Capital in the Bay Area. Guided by a mentor who encouraged her to explore clean tech and venture investments, Mary’s career quickly aligned with her passion for environmental impact and sustainable innovation.

Aligned Climate Fund’s Investment Thesis

As the venture arm of Aligned Climate Capital, the fund’s core mission is to accelerate the global clean energy transition. Mary describes a dual strategy: one team acquires large-scale solar and battery storage assets, while the venture side—where she sits—targets seed through Series B companies offering proven solutions in clean energy, resilient infrastructure, electric transportation, and sustainable land use. Their emphasis is on businesses capable of meaningful climate mitigation, adaptation, or resilience today.

Exploring Diverse Energy Solutions

Mary highlights the broad range of projects the fund pursues, from intermittent renewables like solar to base load solutions such as geothermal. The fund recently invested in XGS, a company developing large-scale, closed-loop geothermal projects, exemplifying their commitment to diversified, resilient energy sources. While noting the massive potential of nuclear energy, Mary clarifies that nuclear is outside their current mandate. Waste-to-fuel technologies are also on their radar, but tend to be too early-stage or capital-intensive for their check sizes at this time.

Power Electronics, Distributed Energy, and the Move Toward Resilience

Keeping a finger on the pulse of emerging tech, Mary has been delving into power electronics that could bolster capacity and grid resiliency—an area with clear incentives for utility adoption. The conversation turns to distributed decarbonization, microgrids, and point source carbon capture (like their investment in CarbonClip), which offer flexible, resilient alternatives to traditional power structures. The fund actively explores geothermal for heating and cooling, as well as affordable housing applications where localized carbon capture at combined heat and power facilities could drive meaningful sustainability.

How Venture Capital is Evolving

Looking ahead, Mary forecasts a transformation in venture capital driven by AI-powered due diligence, enabling faster, more thorough deal flow and pattern recognition. For climate VC in particular, she anticipates that maturing technologies will "come down the risk and cost curve" more rapidly, opening new investment opportunities. The abundance of data and automation in analysis will empower investors to spot trends, provide preliminary feedback, and facilitate even greater innovation across cleantech.

Notable Quotes from the Guest

Fun Facts or Interesting Tidbits

1. Mary’s Venture Origin Story: Mary’s journey into venture capital started with a college co-op at Hercules Capital, where a mentor sparked her curiosity for the clean tech space.
   

2. Geothermal and Beyond: Aligned Climate Fund recently invested in a large-scale, closed-loop geothermal company—highlighting their commitment to various clean energy sources, not just solar.
   

3. Mary Really Reads Her LinkedIn DMs: Mary admits she actually reads (and tries to respond to) all her LinkedIn direct messages—so it’s a legit way to contact her!

Episode Resource: Learning, Reading, and Listening

In the episode, Mary King shared various resources she is currently learning from, reading, or listening to. Here are those resources:

• Power electronics (Mary shared she is learning a lot about power electronics and solutions that increase capacity and resiliency for utilities.)
  

• Geothermal for heating and cooling (Mary mentioned she is looking into geothermal applications for heating and cooling.)
  

• CarbonClip (Mary mentioned an investment in a company called CarbonClip, which focuses on point source carbon capture. Learn more at https://www.carbonclip.com/ if available.)
  

• LinkedIn (Mary noted she actively reads her LinkedIn DMs, suggesting she uses LinkedIn as an ongoing resource for connection and information. https://www.linkedin.com/in/marybking/)

No specific podcasts, books, or articles were named in this episode, but these topics and resources reflect Mary King's current areas of focus and interest discussed in the conversation.

Featured Guest Bio

Mary King is a Vice President on Aligned Climate Capital’s venture strategy, Aligned Climate Fund (ACF), leading deal sourcing, due diligence, and investment execution. ACF invests in early-stage companies utilizing proven technologies across clean energy, efficient buildings, electric transport, and sustainable land use. Previously, Mary worked as an investor at Backcast Partners.

• LinkedIn

Fund Information

Aligned Climate Capital closed its $85M second venture fund, ACF2, doubling its first fund’s size. ACF2 invests in proven, scalable technologies in clean energy, infrastructure, electric transport, and sustainable land use, with backing from the Ford Foundation, Rockefeller Foundation, and others. Aligned has raised $145M through its venture strategy.

• Aligned Climate Capital LinkedIn

• Aligned Climate Capital Website

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Hi {{ first name | Impactful Listener }}!

In this enlightening episode of the Female VC Lab Podcast, host Barbara Bickham sits down with Katelin Holloway, founding partner at 776. Katelin delves into her transition from being an operator to a venture capitalist, her firm’s unique thesis agnostic approach, and the evolving landscape of venture capital, especially in the context of AI integration. With her rich background and passion for innovation, Katelin shares valuable insights into finding and supporting promising founders.

🎧 Listen to the Episode

Key Points Discussed

• Katelin's journey from an operator to a venture capitalist and her motivation to scale her efforts in working with startups.

• 776's unique thesis agnostic approach that focuses on identifying and supporting outstanding founders, regardless of industry.

• The impact of artificial intelligence on the venture capital ecosystem and Katelin's perspective on AI as an infrastructure shift.

• The importance of providing more than just capital in venture investing, emphasizing the role of operational expertise.

• Exploration of Katelin's interests, such as space tech and women's health tech.

🎧 Watch the Episode

Chapters

• 00:00 Introduction of Katelin Holloway and her role at 776

• 00:19 Katelin explains her motivation to become a venture capitalist

• 01:06 Discussion on 776's thesis agnostic investment approach

• 02:33 Katelin shares her current learning interests and media consumption

• 04:06 Katelin’s views on the evolving landscape of venture capital

• 05:27 How 776 integrates AI considerations into its investment strategy

• 07:05 How listeners can connect with Katelin

Full Topic Guide

Navigating Venture Capital with Katelin Holloway - Embracing Change and Innovation

Understanding 776's Investment Philosophy and the Role of AI in VC

From Operator to Investor: A Personal Journey Katelin Holloway’s transition from being an executive operator to a venture capitalist offers invaluable lessons for aspiring investors. With over a decade in the boardroom on the operational side, she resonates deeply with founders, understanding the nuances of building sustainable businesses. Her motivation to move into venture capital stemmed from her desire to scale her impact, allowing her to support multiple businesses simultaneously from an investor’s perspective.

776’s Thesis Agnostic Approach: Investing in Exceptional Founders The investment philosophy at 776 is notably different, embracing a thesis agnostic strategy. This approach focuses on identifying pioneering founders and providing them with capital, regardless of their industry. Katelin highlights this flexibility by citing the success of past investments like Coinbase and Instacart, emphasizing the importance of not being constrained by a rigid thesis, which could limit opportunities in emerging sectors.

The Role of AI: A Fundamental Shift in Business Landscape As AI continues to redefine industries, Katelin views it not as a standalone sector but as a transformative infrastructure shift. At 776, the integration of AI is seen as essential across all business models. Whether it’s enhancing operational efficiencies or pioneering technological advancements, the application of AI allows companies to maintain a competitive edge.

Beyond Capital: The Need for Operational Expertise in VC Katelin stresses that venture capitalists must offer more than monetary investments. With her operational background, she sees a growing trend where VCs with substantial operational experience are winning deals. This shift reflects a preference among founders for investors who can provide strategic guidance and industry insights, ensuring a mutually beneficial partnership.

Interests and Innovations: A Focus on Space and Health Tech With a personal passion for space tech and women's health tech, Katelin is enthusiastic about exploring groundbreaking developments in these fields. Her openness to diverse sectors ensures that 776 can support innovative solutions that address various global challenges.

Notable Quotes from the Guest

Fun Facts or Interesting Tidbits

1. Katelin has a deep fascination with space exploration and the Artemis Accords, which focus on international cooperation in space activities.

2. Before venturing into capital investment, Katelin was deeply rooted in the world of operations, providing her with unique insights into the challenges faced by startup founders.

Episode Resource: Learning, Reading, and Listening

1. Artimes Accords - Policies relating to space and space exploration: The transcript doesn't provide a link, but you can search for the Artemis Accords online for more detailed information.

Remember, these resources were directly named in the episode when Katelin Holloway was asked about her current learning and reading habits. If you want to explore them further, consider looking them up to dive into these interesting topics!

Featured Guest Bio

Katelin Holloway is Founding Partner at Alexis Ohanian's early-stage venture capital firm, 776. A seasoned investor with over 20 years of operational experience at companies like Pixar and Reddit, Katelin backs transformative startups across diverse sectors. She invests in solutions that push the boundaries of human potential and resilience—advancing health, exploring new frontiers, driving sustainability, fostering creativity, and enriching the human condition. At 776, Katelin combines her operational expertise with a deep commitment to supporting founders as they navigate early-stage challenges and scale their visions. Katelin is dedicated to reshaping venture capital by empowering generational entrepreneurs to tackle humanity’s biggest challenges while driving exceptional returns.

• LinkedIn

Fund Information

Seven Seven Six is an early-stage venture capital firm with over $970M AUM and is focused on the intersection of product and people. Powered by the operating system Cerebro, at its heart, 776 is a technology company that deploys capital. The firm was founded in 2020 by Reddit co-founder Alexis Ohanian. Seven Seven Six invests across sectors, with investments spanning the creator economy, space, climate tech, sports, fintech, web3, healthcare, collectibles, AI, and more. Investments include Feastables, Stoke Space, Angel City FC, and Riverside. For more information, visit sevensevensix.com.

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If you enjoyed this episode, subscribe to the Female VC Lab Podcast for more insights from leading female investors shaping the future of venture capital. Share this episode with someone who would benefit from their impactful stories and vision.

Got thoughts on this episode? Hit reply and let me know! I’d love to hear from you. 💌

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Hi {{ first name | Impactful Listener }}!

Introduction

Thank you for listening, we appreciate all your support.

This quarter we cover our HumanX experience, podcast metrics and what’s up for Q2 2025.

Podcast Metrics

Top 5 Downloaded & Listened-to Episodes

1. E102: Keri Findley: Tacora Capital

2. E106: Keara Sauber: Sauber Capital

3. E103: Katie Quilligan: BankTech Ventures

4. E108: Liz Kukka: Purpose Impact Lending Fund

5. E093: Genia Xasis: Berkana.VC

New Distribution Channels

We have upgraded our website and podcast site again to take advantage of the new features of the beehiiv platform.

The podcast is hosted on: https://podcast.femalevclab.com

The main site is hosted on: https://femalevclab.com

Major Podcasting Opportunities

HumanX we recorded 2 podcasts during the event. Expect the podcasts from Katelin Holloway of Seven Seven Six and Raj Patel AI Transformation Lead @ Holistic AI over the next couple of weeks.

We also MC’d 2 Stages there.

Track 2 - Finance Stage on March 10th, 2025

Session 1: Navigating the AI-driven finance revolution

Laura Spiekerman Co-founder at Alloy

Juan Pablo Ortega Co-founder & CEO at Yuno

Andrew Brown Founder & CEO at Check

Moderator: Laura Diorio Journalist at New York Stock Exchange Group

Session 2: AI for fintech leaders: Rethinking strategy in the age of intelligence

Tamara Steffens Managing Director at Thomson Reuters Ventures

Stephen Sikes COO at Public

Moderator: Gené Teare Senior Data Editor - Crunchbase

Session 3: Financing our AI future

Marc Bhargava Managing Director at General Catalyst

Moderator: Shirin Ghaffary AI Reporter at Bloomberg

Track 1 - Policy Stage on March 11th, 2025

Session 1: Adapting to the evolving AI regulatory landscape

Timothy Galluzi CIO at State of Nevada

Karen Silverman Founder & CEO at The Cantellus Group

Richard Schaefer CTO / CAIO at Lunar AI and Dept of Vet Affairs

Moderator Ben Moe CEO at Frame

Session 2: Redrawing boundaries: AI regulation on a global scale

Speaker David Danks Professor of Data Science, Philosophy, & Policy at University of California, San Diego

Lexi Reese Co-founder & CEO at Lanai

Nick Pickles Chief Policy Officer at Tools for Humanity

Moderator Dan Costa Editor-in-Chief at Worth Media

Session 3: The business leader’s playbook for AI governance

Ethan Goodhart Founder at EthicsGPT.AI

Navrina Singh Founder & CEO at Credo AI

Didem Un Ates Chief Executive at LotusAI

Adriano Koshiyama Co-founder at Holistic AI

Moderator Ben Moe CEO at Frame

What’s Coming

Milken Conference - May 4th, 2025 - Hope to see you there.

Conclusion

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Hi {{ first name | Impactful Listener }}!

In this episode of the Female VC Lab podcast, guest Marcia Dawood shares her journey into venture capital, her investment focus at Mindshift Capital, and insights into angel investing. Marcia also discusses her efforts to democratize private investing, making it more accessible to a broader audience.

🎧 Listen to the Episode

Key Points Discussed

• Transition from angel investing to venture capitalism and collaboration with Heather Hennion to create Mindshift Capital.

• Challenges and rewards of investing in women-led companies globally, focusing on tech sectors such as fintech, edtech, food tech, and health tech.

• The changing relationship between individuals and investing, particularly how women approach investment opportunities differently.

• The potential evolution of venture capital driven by democratization and changing regulations around private investing.

• The importance of education and representation in encouraging more diverse investment activities.

🎧 Watch the Episode

Chapters

• 0:00 Introduction of Marcia Dawood and her role at Mindshift Capital.

• 0:21 Discovering venture capitalism through angel investing.

• 1:11 Investment thesis focusing on women-led global companies in tech sectors.

• 2:39 Discussion on mindset around money and democratizing investment.

• 6:26 Future of venture capital and need for expanded investment rules.

Full Topic Guide

Investing in Women Globally: A Venture Capitalist's Perspective

Introduction: The Evolution from Angel Investor to VC
Marcia Dawood’s journey into venture capitalism began with an unexpected invitation to an angel investing meeting 12 years ago. Her newfound interest in innovation and investment, coupled with the realization of a funding gap for women-led businesses, propelled her to deepen her involvement in various funds. It ultimately led to the formation of Mindshift Capital with Heather Hennion. This section explores how Marcia transitioned into venture capitalism, driven by a mission to support women globally.

Investment Thesis and Tech Focus
Mindshift Capital is steadfast in its commitment to supporting women-led companies globally, concentrating on four pivotal areas: fintech, food tech, edtech, and health tech. This section discusses the rationale behind choosing these sectors and the complexities of investing across borders, including compliance and the cultural nuances of global markets.

The Changing Landscape of Investment Mindsets
Marcia sheds light on a critical barrier in venture capital: the mindset around money and investment, especially among women. Her engagement with potential angel investors uncovers a notable gap—many perceive investing as an exclusive domain for the wealthy or well-connected. This section delves into her initiatives, including her own podcast and book, aimed at breaking down these barriers and making investment opportunities more accessible.

Democratization and the Future of Venture Capital
Looking ahead, Marcia envisions a venture capital landscape where private investing is democratized, allowing broader participation beyond traditional boundaries. With regulatory changes since 2016 making strides, she advocates for further opening up the sector to diverse investors. This section explores potential developments in the industry and the crucial role inclusivity plays in shaping the future.

Notable Quotes from the Guest

Fun Facts or Interesting Tidbits

1. Despite challenges, Marcia and her team at Mindshift Capital strive to focus on tech innovations led by women that are truly making a global impact.

2. Marcia’s passion for investing led her to create "The Angel Next Door" podcast to demystify angel investing for everyone.

Episode Resource: Learning, Reading, and Listening

Episode Resource: Learning, Reading, and Listening

1. Podcast: The Angel Next Door
   Link: The Angel Next Door Podcast
   

2. Book: Do Good While Doing Well
   Available on Amazon and other bookstores: Do Good While Doing Well on Amazon
   

3. Podcast Episode on Republic: The Angel Next Door episode with the CEO of Republic.com
   Link: The Angel Next Door Podcast

Please check the respective websites or platforms for the latest updates and availability.

Featured Guest Bio

Marcia Dawood is the author of Do Good While Doing Well, TEDx speaker, Podcast host, and an early-stage investor who serves on the Securities and Exchange Commission’s Small Business Capital Formation Advisory Committee. She is a venture partner with Mindshift Capital and the chair emeritus of the Angel Capital Association (ACA), a global professional society for angel investors. She is also an associate producer on the award-winning documentary Show Her the Money.

• LinkedIn

• Website

Fund Information

Mindshift Capital is a global fund investing in women-led companies.

• Mindshift Capital Website

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Hi {{ first name | Impactful Listener }}!

We’re thrilled to announce the launch of our brand-new website for the Female VC Lab Podcast! This fresh platform has been thoughtfully designed to enhance your experience and provide even more value to our incredible community of female investors, entrepreneurs, and supporters.

What’s New?

1. Streamlined Navigation: Our updated layout makes it easier than ever to explore episodes, discover resources, and connect with our community.

2. New Stories Section: Dive deeper into the insights and stories shared by our guests. Our blog is now called Stories and will feature episode highlights, industry trends, and actionable advice for aspiring VCs and entrepreneurs. Explore it here: stories.femalevclab.com.

3. Enhanced Content Access: You can now quickly find past episodes, guest information, and key resources to support your journey.

A Look Back at 2024

As we step into 2025, let’s take a moment to celebrate our achievements in 2024 by watching a video recap since updating the newsletter location in September 2024 below:

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This new website is just the beginning of an exciting year ahead. With a renewed focus on empowering female investors, we’re committed to delivering impactful content, actionable insights, and inspiring stories.

Explore the new site, check out our latest stories, and subscribe to stay up to date on new episodes. Thank you for being part of the Female VC Lab journey – here’s to an incredible 2025!

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In today’s fast-evolving urban landscape, the concept of smart cities is gaining traction. These urban areas leverage advanced technologies and artificial intelligence (AI) to enhance the quality of life for residents while addressing pressing challenges like climate change and resource management. Let’s explore the fascinating developments in this field, as discussed during a recent panel at CES 2025.

Understanding Smart Cities

Smart cities are urban spaces where technology and data collection work hand-in-hand to improve daily life and streamline government operations. They employ tools such as the Internet of Things (IoT) and AI to offer services that are efficient, sustainable, and responsive to the needs of their citizens.

The Role of AI in Smart Cities

AI enhances decision-making processes by analyzing vast amounts of data, allowing city planners to anticipate and respond to various urban challenges. For instance, Sheree Boxstein, the head of The Weather Company, emphasized how AI is vital for predicting extreme weather events, which are becoming more unpredictable due to climate change.

Preparing for Extreme Weather

As climate change leads to more frequent hurricanes and floods, cities must be ready for unexpected events. AI can help model potential scenarios and design infrastructure that can withstand unprecedented weather patterns. For example, how do you build a bridge that can handle winds from a storm we’ve never seen before? AI analyzes climate data, creating a “crystal ball” effect that enables cities to prepare for the future rather than merely reacting to the past.

Probabilistic Forecasting: A Game Changer

One innovative approach discussed is probabilistic forecasting, which provides cities with a range of possible weather outcomes rather than a single prediction. This method allows for better emergency preparedness by informing officials of even the slightest chance of severe weather, enabling proactive measures such as resource allocation and evacuation planning.

Citizen-Centric Smart Cities

While AI enhances city infrastructure, it also transforms how residents interact with their local government. The concept of a citizen-centric smart city focuses on user-friendly experiences, akin to the seamless service of ordering from Amazon. Nadia Hansen, the CIO of Las Vegas, envisions a scenario where residents can access all city services through a single app, from reporting potholes to paying property taxes.

Empowering Citizens Through Technology

With AI and blockchain, citizens could even vote on how local taxes are spent, giving them a direct say in their community’s governance. The idea is to create decentralized autonomous organizations (DAOs) where residents can influence decisions on local projects, pushing the power back to the people.

The Data Dilemma

However, the path to smart cities is not without obstacles. One significant hurdle is the data itself. Cities collect vast amounts of data, but it often remains siloed within different departments, making it challenging to gain a comprehensive view of urban needs. As Hansen humorously noted during the panel, assumptions about what data residents seek can be wildly off base.

Standardizing Data Collection

Data standardization is crucial for building effective smart cities. Different cities manage and define data differently, leading to inconsistencies that hinder collaboration. For instance, creating a national database of bike routes is complicated because each city maps those routes in its unique way. We need clear standards for data collection and sharing before we can fully leverage AI’s potential.

Collaboration is Key

To overcome these challenges, collaboration between public and private sectors is essential. Governments have the data, but private companies often have the technology and expertise to analyze it effectively. Partnerships can create a “super brain trust” that combines resources and knowledge to tackle complex urban issues.

Human-AI Collaboration

As we move forward, it’s vital to maintain a balance between human intelligence and AI. While AI can process data at incredible speeds, human oversight ensures ethical considerations and qualitative judgments are upheld. For example, Barbara Bickham mentioned a company called Reliable, which integrates human intelligence with AI to tag data accurately.

Education and Public Awareness

To foster trust in AI, education and transparency are paramount. Hansen highlighted the need to train government employees on AI usage while also educating the public about its benefits and risks. By empowering citizens with knowledge, we can create a more informed and engaged populace ready to participate in the smart city evolution.

AI Trends Impacting Smart Cities

The rapid adoption of AI tools in everyday life is another trend that cannot be overlooked. From education to human resources, AI is becoming a staple across various sectors. However, this swift integration raises questions about the implications of automation on job markets and the nature of work itself.

Addressing Potential Downsides

While the benefits of smart cities are promising, we must also consider the potential downsides. Issues of trust, ethics, and privacy are central to discussions about AI in urban environments. As AI systems increasingly influence decision-making, ensuring that these systems are transparent and free from bias is critical.

Building Ethical Smart Cities

Creating ethical smart cities means establishing guidelines for AI development and usage. It involves engaging citizens in the conversation about how technology impacts their lives. By prioritizing fairness and accountability, we can work towards cities that empower rather than control.

Conclusion: The Future of Smart Cities

The future of smart cities is not predetermined; it is shaped by the choices we make today. By embedding our values into technology, we can build urban environments that are equitable, sustainable, and inclusive. As we embrace the possibilities of AI, we must remain vigilant and proactive in addressing the challenges that accompany these advancements.

For more insights on the intersection of technology and urban living, check out the Female VC Lab Podcast Youtube Channel.

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I’m heading to CES® 2025, January 7-10 in Las Vegas, where I’ll be joined by the entire tech community for an unforgettable – and unmissable – week of thought-provoking sessions, inspirational keynotes, and the latest and greatest innovations in tech. As an official speaker presenting

Session: What's Next for Smart Cities: AI for Data, Planning and Beyond
Date and Time: Tuesday, January 7, 2025 at 3:00 PM
Location: Las Vegas Convention Center North - N257,

I want to extend an invitation for you to join me! 

Registration is open and it’s not too late to make plans to attend.  

I hope to see you there. 

Barbara Bickham
Founder & Managing Partner | Trailyn VC
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As a trade-only event, those registering for CES must meet specific registration requirements found here.