VC Playbook Has Changed. Here’s What Founders Must Do ft. Ezra Galston

The Consumer VCEzra GalstonAug 27, 20251h 18min

Ezra Galston shares his contrarian take on venture capital's recent upheaval, revealing how his firm strategically raised their third fund during the industry's darkest period between June 2022 and ChatGPT's emergence. This episode unpacks the fundamental shifts in VC playbooks and offers founders a roadmap for navigating the new fundraising reality where timing and positioning matter more than ever.

Key takeaways

•Raise capital during industry downturns when competitors retreat - Galston's firm closed their third fund during VC's slowest nine-month stretch.
•The ChatGPT moment in March 2023 marked the end of venture capital's longest pause in recent history.
•Most VC firms went into complete hibernation mode during the 2022-2023 downturn, creating opportunities for bold players.

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The Consumer VC · Ezra Galston

Origin Story

The nine months between June 2022 and ChatGPT coming out were the slowest months I've ever seen in the venture capital industry. So many firms were like, 'We're on pause.' By the way, that's when we chose to raise our third fund.

Perfect timing story with specific dates and vivid industry context. The self-deprecating humor about 'great timing' makes it relatable while showing contrarian decision-making during market lows.

48:19 - 48:4324s

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