Articles by Carey
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Carey Lai shared thisYou’re either a founder or you’re not. But regardless of your title, it’s time to start thinking like an owner - not an employee. When Paul Yeh and I started Conductive Ventures, it was just the two of us. We did everything: * Built IKEA furniture * Designed our own website * And most importantly - backed founders we believed in We had a simple thesis: Back capital-efficient, unconventional entrepreneurs - the ones often overlooked by traditional Sand Hill Road. The early days were filled with uncertainty everywhere. * Would the thesis work? * Would founders take our capital? * Would anyone even know who we were? So we focused on what we could control: One deal at a time. One relationship at a time. After year one we made a total of 4 investments. Nothing flashy, just foundational investments. And along the way, we learned: * Investing is just the starting point * Building with LPs matters just as much * Scaling a firm is no different than scaling a startup Here’s the truth most people don’t talk about: When you’re an owner, everything is your job. * WiFi goes down? You own it. * Toilet backs up? You own it. * Fundraising stalls? You definitely own it. No job is beneath you. No problem is someone else’s. Nine years and three funds later, the biggest shift isn’t what we’ve built - it’s how we think. This is our last job. That’s the mentality we look for in founders: * No Plan B * No parachutes * No “I’ll try this and see” Just conviction. Because the best companies aren’t built by people hedging their bets. They’re built by people who decide: This is it. This is my life’s work.
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Carey Lai shared thisI’m really excited by what Steven Jiang and his team are doing at hireEZ. One of the reasons we backed Steven is his ability to see around corners. He called it very early that they needed to provide an agentic solution way before others saw it. Today, their agentic solution is outpacing their former SaaS solution at a rapid pace. This demo says it all! Great to see all of your hard work paying off! While it hasn’t been easy getting here, it’s definitely moving the needle!Carey Lai shared thisToday we debuted the new hireEZ and demoed it live. Access opens today too. I told you last week that your team will spend more time in the new hireEZ, not less. That claim is the opposite of what every vendor in this space promises. I believe it because I lived it. Working inside AI tools, I did not work less. I worked more, because for the first time everything I wanted to build was affordable. Every recruiter has a version of that. The reqs they would serve properly. The candidates they would reach. The talent community they would build. Ambition they have been rationing for years because the day was only so long. Ambition, finally affordable. Access is open. Link in comments.
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Carey Lai shared thisWhy do we care so much about capital efficiency at Conductive Ventures? It’s simple: we hate waste. We love founders who find creative ways to do more with less. Because when capital is abundant, it’s easy to solve problems by throwing money at them. Constraints force you to think differently. They create discipline, resourcefulness, and creativity. Recently, one of our founders, Joshua Y. Lee, founder of Staxiom, stopped by our office along with Jacob Lee. We had a few extra monitors and flat-screen TVs that he could use for Staxiom’s new office. So Josh took them. But here’s the part I love: He rented a car and drove everything from the Bay Area back down to Los Angeles. You might be thinking: A one-way rental must have cost a fortune. Nope. He had a promo code. 😂 I’m not sharing this to embarrass Josh. I’m sharing it because this is exactly the kind of founder we love backing. Resourceful. Scrappy. Creative. The instinct isn’t, “How much money do I need to solve this?” It’s, “How can I solve this with what I have?” That mindset compounds. Josh, I hope you and the Staxiom team put those monitors and TVs to good use. And I’m pretty sure Conductive is the only venture capital firm that provides gently used electronics alongside its capital. 😂 Just another way we add value to our portfolio companies!
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Carey Lai shared thisThere is a lot of excitement around AI shopping agents. I think one of the harder problems sits underneath them: what does the agent actually know about the products it is choosing between? A shopper can ask for wide-leg pants that are flattering, comfortable for a long flight and polished enough for dinner. The perfect pair may already exist, but if the catalog only gives the machine a style name, color and material, it may never understand why that product fits the request. Lily has been working on that gap for six years. Lily Max takes it further by continuously improving the intelligence behind the catalog and testing whether those changes actually improve performance across paid media and AI discovery. The shopping interface will keep changing. The need to genuinely understand the product underneath it will not. A very interesting next chapter for Lily.Carey Lai shared thisI’m excited to announce Lily Max, our agentic product intelligence platform for AI commerce. It took six years of building Lily AI and $900 million in incremental revenue driven for leading retailers to get here. And it still comes back to the same problem we saw on day one: brands describe products in one language, while consumers look for them in another. For years, that gap mostly showed up in search and paid media performance. AI has raised the stakes because now a machine may understand the product before the shopper ever sees it. If the machine does not understand the product, it cannot recommend it. The gap that used to cost you a percentage can now decide whether you are in the answer at all. We also learned that you cannot fix a catalog once and assume the job is done. Consumer language keeps moving. A product that was simply “pink” yesterday can become “Barbie pink” after a movie enters culture, even though the product itself has not changed. That is why Lily Max works continuously across the catalog. Its agents identify what is missing, describe products in the language consumers actually use, test those changes against a control, and deploy what works across paid media and AI discovery. The customer still decides what goes live. For me, this is the next chapter of Lily AI: taking the product intelligence that has already driven hundreds of millions of dollars through the channels retailers depend on today and extending it to the AI systems increasingly influencing what gets discovered tomorrow. As part of the launch, we’re offering a free product-feed audit. We’ll show you where your catalog is under-described, where customer language is missing, and where better product intelligence could improve discovery and performance. See it on your own catalog here: https://lnkd.in/gP8wVkD8 Thank you to the customers who kept telling us what was broken, and to my team, who lost a lot of sleep making sure brands won’t have to. :) Introducing Lily Max.
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Carey Lai shared thisDear VCs: Please don’t outsource your thinking to AI. I recently met with a founder who had pitched 12 venture firms during his fundraise. He noticed something strange. After digging through his data room, all 12 firms asked him virtually the same questions. I joked: “They probably all uploaded your data room to Claude.” Same inputs. Same model. Same questions. Funny, but also a little concerning. There are great ways to use AI in venture capital. And there are terrible ways. • Using AI to summarize information? Great. • Using AI to surface things you might have missed? Great. • Using AI to challenge your thinking? Even better. But outsourcing the thinking itself? That’s dangerous. Especially for younger investors. Judgment in venture capital is built through reps. • You dig through the data room. • You wrestle with messy information. • You decide what matters and what doesn’t. • You formulate your own questions. • You make a call. And eventually, you find out whether you were right. The problem is that venture already has an incredibly long feedback loop. It can take years to know whether your judgment was good. If AI starts doing the hard thinking for young investors, where do they get the reps required to develop judgment in the first place? LLMs need training. So do human brains. Use AI to make yourself a better investor. Just don’t let it become the investor. If you're looking for a role where you can build your reps and be part of a small, yet effective team, apply below. We're hiring! https://lnkd.in/gKzfNM2K
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Carey Lai shared thisThis past week, we dropped off our firstborn at college. Next week, she begins studying film and business at USC. This post isn't difficult to write because our oldest is leaving for college. It's difficult because my wife and I both went to UCLA - and we're die-hard Bruins. 😂 But beneath the UCLA-USC rivalry is something I wasn't quite prepared for. 18 years goes by really, really fast. When you bring your first child home from the hospital, you know intellectually that someday they'll grow up, leave home, and start building a life of their own. But "someday" feels impossibly far away. Until suddenly, you're standing in a college dorm helping them move in. If you told me 18 years ago that 18 years would pass this quickly, I wouldn't have believed you. Raising a child does something strange to time. The days can feel long, but somehow the years feel incredibly short. I tried to find a connection to being a founder. Maybe it's a little like watching the company you started get acquired - something you poured yourself into is ready for its next chapter, and that chapter no longer completely belongs to you. I'm not sure the analogy works. What I do know is that I'm equal parts proud, excited...and wondering where all the time went. For those of you with younger kids: soak it in. It goes faster than you think. And to our daughter: we're incredibly proud of you. Even if you are now a Trojan. 😂 Joshua Y. Lee, Mike Hsieh, Paul Yeh, Jai Choi, Kevin Chou
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Carey Lai shared thisHiring has a funny way of making you look back. As we search for the next young, hungry investor to join Conductive Ventures, I’ve been reflecting on just how far we’ve come over the past 9+ years. When Paul Yeh and I co-founded Conductive Ventures, it didn’t exist. Literally. It was a blank sheet of paper. We did everything ourselves - from building IKEA furniture in our first office, to coming up with the Conductive name, to making our first investment. We’ve learned a lot since then. But one thing has become increasingly clear to me: Culture comes first. To me, culture isn’t the values written on a website. Culture is what people do when there isn’t a rule telling them what to do. Years ago in business school, one of my friends was a former Navy SEAL. He explained something about SEAL teams that has always stuck with me. They’re small teams made up of people who are exceptional across the board. Everyone can swim. Everyone can run. Everyone can shoot. But each person also brings a specialty where they truly spike. That’s how we’ve tried to build Conductive. Small team. High trust. High standards. No passengers. Having previously worked at large, franchise venture firms, we have no ambition to build Conductive into a firm with hundreds of people. We want to remain small. We want everyone to have an outsized impact. And we want people who see something that needs to be done and simply do it - whether or not it’s in their job description. If that sounds like the kind of team you want to be part of, we’re hiring. https://lnkd.in/gKzfNM2K
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Carey Lai shared thisA few weeks ago, my co-founder, Paul Yeh, and I were in Japan meeting with our investors. We had less than 10 minutes for lunch. Most people would've grabbed fast food. Instead, we walked into a tiny standing-room-only soba shop. The process was incredible. • Order at a kiosk. • Print your ticket. • Hand it to the chef. • Seconds later, a steaming bowl of fresh soba is in your hands. Five minutes later, we were back on our way. The meal was fantastic! It was faster than McDonald's. Healthier. Delicious. Affordable. It reminded me that efficiency doesn't have to come at the expense of quality. Sometimes the best systems aren't the most complicated - they're simply designed exceptionally well. Japan never ceases to amaze me.
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Carey Lai shared thisAttitude is one of the most underrated competitive advantages. Especially when you're just starting out. I've been thinking about this a lot as we recruit and develop the next generation of investors at Conductive Ventures. The truth is, no one expects you to know everything on day one. What stands out isn't what you know - it's how you approach what you don't know. ◦ Ask thoughtful questions. ◦ Be genuinely curious. ◦ Embrace feedback. ◦ Show up every day ready to improve. Skills can be taught. Attitude is much harder to teach. This isn't unique to venture capital. It's true in sports, school, business - really, anything worth doing. Athletes understand this better than most. Training isn't glamorous. There are days when you don't feel like practicing, when progress stalls, when nothing seems to click. But if you don't put in the work, it shows up on game day. What gets people through those difficult days isn't talent. It's attitude. Talent opens doors. Attitude determines how far you walk through them. If you've got a great attitude and exceptional aptitude and want a front row seat to venture capital, come join us - https://lnkd.in/gWQtemw4
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Carey Lai liked thisCarey Lai liked thisExcited to announce that I’ve joined Onyx Odds as Strategic Finance Lead, where I’ll be focused on capital strategy and helping shape the company’s next phase of growth. In under a year since exiting beta, Onyx has grown to nearly 1 million signups and a $70M net revenue run rate, and for good reason. The way people participate in markets is changing faster than the platforms built for them. Onyx is building the simplest place to express a view across markets, find an edge, and participate alongside a community. I’m joining on the heels of our latest funding round from Kraken, Xfund, and Breyer Capital. If you’re building, investing, or thinking about the future of markets, let's talk. SF ✈️ NYC
Publications
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Sprinklr Acquires 3rd Company in 7 Months
BizJournals
See publicationSprinklr buys third company in seven months, nabbing Branderati
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Sprinklr Acquires Branderati
Wall Street Journal
See publicationSprinklr Acquires Branderati as Social Media Tools Consolidate
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Carey @CNBC Talks About Venture Capital Investing Trends
CNBC
See publicationCNBC's Julia Boorstin takes a look at the hottest startup and venture capital trends.
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Carey Speaks @SiemerSummit on Raising Capital
Siemer Summit
See publicationTwo-day summit that includes over 500 digital media companies.
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Carey Speaks @AppNationNYC Cross Platform Summit
AppNationNYC
See publicationTHE $150B JUMP BALL: HOW APPS & CONSUMER MOBILITY ARE TRANSFORMING LOCAL MARKETING
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Carey Speaks @RedHerring - Sharing Secrets of Getting Funded
2014 Red Herring North America
See publicationVC money is flowing to companies in Silicon Valley and beyond. However, you still need to meet the right people and say the right things. What, exactly, do leading investors look for when the sign a term sheet? How do you get in front of the right investors and say the right things, be it for your seed round or your series C?
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Carey @Wharton Talks About Venture Investing
The Wharton School
See publicationCarey Lai, a Director at Intel Capital, a Wharton alum (WG'09) and an experienced venture investor, speak to two general themes: how Intel Capital sees itself as an essential component in the tech community ecosystem, and insights and observations that will benefit entrepreneurs looking to better understand Intel Capital as a source of funding, business plan validation, market access and other commercial benefits through a strategic partnership.
This discussion that eliminates any…Carey Lai, a Director at Intel Capital, a Wharton alum (WG'09) and an experienced venture investor, speak to two general themes: how Intel Capital sees itself as an essential component in the tech community ecosystem, and insights and observations that will benefit entrepreneurs looking to better understand Intel Capital as a source of funding, business plan validation, market access and other commercial benefits through a strategic partnership.
This discussion that eliminates any misconceptions about Intel Capital as somehow being beyond the reach of startups.
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John Gannon
No founder wants to pitch a VC with no cash. Here are firms that have fresh capital to deploy. 🔴 Taipei-based AppWorks closed its fourth $165M fund to back founders across AI, Web3, and the digital economy. 🔴 Tel Aviv-based Hetz Ventures closed its new $140M fund to focus on founders building cybersecurity, data, and AI infrastructure companies out of Israel. 🔴 Singapore-based Antler closed its $160M fund to back “manic” founders at inception. 🔴 Tokyo-based NTT Docomo and NTT Docomo Ventures (NDV), along with NTT Finance Corporation, raised a new $95.7M fund. 🔴 New York-based Belief Capital closed its $20M fund to invest in early stage companies focusing on AI, robotics, and infrastructure. 🔴 New York-based FemHealth Ventures has closed a $65m fund to back companies innovating in women's health. 🔴 London-based Cloudberry Ventures closed its $35M maiden fund to support European founders working at the intersection of semiconductors, photonics and advanced materials. 🔴 Austin-based S3 Ventures announced a $250M Fund VIII to invest in business software and healthcare technology companies. 🔴 New York-based Lux Capital announced their latest $1.5B fund to partner with founders building the infrastructure across AI, automation & bio. Check out the full list of latest VC funds closed on our website: https://lnkd.in/eWCmpB8C
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Arteen Arabshahi
SF VC Takeaway #2: Pricing expectations, performance bars, and what’s actually getting funded. One theme that came up repeatedly in SF was how far pricing expectations and performance bars have shifted, even compared to just a few years ago. A few things investors kept anchoring to: 1️⃣ Median Series A valuations are higher than their 2021 peaks, but fewer of them are getting done. 2️⃣ Capital is being concentrated into fewer and fewer companies (and lots of capital!) 3️⃣ “Good” progress is no longer enough and the bar for standout performance has moved in an AI-native world So what does “top performance” mean right now? One investor told me that top quartile seed companies in their portfolio are going from $0 to $2M in ARR in <12 months. Outside of pure traction numbers, a few other themes that came up to describe "top performance": 📈 Explosive early revenue ramps (or a very credible path to them) 📊 Strong velocity and momentum for 2 quarters in a row, even if the baseline is small. 🚀 Clear signals of category leadership, not just product-market fit. Sometimes shown by either domain expertise, speed of product optimization, or by lack of competition in the category. This creates a counterintuitive dynamic where it can be easier to fund a company with strong pedigrees in a hot space and no traction yet than a company that went from 0 to $1M ARR at what used to be considered a rapid pace. Pricing today is driven by trajectories, not moments in time. We used to say investors invest in lines not points; I think that's more true than ever now because crossing certain milestones doesn't carry as much influence as it once did. Finally, investors still say that valuation matters, but many of them are acting differently. Pace and belief in category-defining companies really sets the price; while slower growth gets scrutinized rather than discounted. One silver lining in the camp of durable growth: Series A rounds are happening so fast that many companies don’t yet have meaningful history of retention data. Large bets are being made on velocity before the durability is proven. Several investors told me the same thing: we may soon swing back to a market where retention, not growth, becomes the defining metric. Let's hope so. I'll share my third SF VC takeaway tomorrow!
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