Enterprise 3.0: We believe the way software is consumed by businesses is fundamentally changing. A new trend is emerging that we call Enterprise 3.0. which centers around a consumer grade business software user experience and niche applications that perform specific functions very, very well. In this model, apps are first adopted organically by employees, then adopted by the larger organization. The applications are easy to use and "just work." We are also observing that the globalization of the software industry and the rise of cloud delivery models expand the size of niche markets dramatically. Examples in our portfolio include: Wise SystemsTwineGreatHorn, IronCore LabsOpstarts, Blank Slate and Stream.

Talking Machines: The cost and complexity of starting a hardware company has radically decreased in recent years. The way humans and machines interact is changing on a large scale -- from robotics, drones, autonomous vehicles, 3D printing, micro-satellites, and hardware for the home and worksite. Hardware companies need to put as much emphasis on the software and user experience to have an edge in today's competitive landscape. We work with founders that are reimagining hardware technologies for various industries and we're not afraid to back a very early prototype. Examples in our portfolio include: VitaeKeplerCore WellnessCarbon RoboticsMegaBotsFortified BicycleCasabotsSail Internet and Astranis.

Datasphere: The proliferation of more than 2.5 billion smartphone users and more than 3 billion people now using the internet has created a new global market without borders. Massive new networks of people are being created; commerce between these people must be reimagined to enable instant money movement with near zero transaction fees. Data created by new networks will grow exponentially and new innovations will be created to handle the sheer amount of data, as well as protect it from growing cybersecurity threats. The creative use of artificial intelligence and machine learning will unlock its power to create truly personalized experiences at scale. Examples in our portfolio include: Sail Internet, RBC SignalsStream, MonkeyLearnGreatHorn, Kepler and Astranis

Removing The Middleman: We're in the middle of a major technological and economic shift in which old entrenched industries are getting reimagined by startups upending old business models. A massive increase in smartphone connected consumers, frictionless mobile commerce, and location-based services are bridging the online and offline worlds. Large markets of previously stagnant excess supply is being matched with consumer demand, creating new markets and making existing ones more efficient. Industries such as retail, real estate, banking, transportation, and education are a few examples of outdated models we feel need updating. Examples in our portfolio include: Allbirds, Flip, Arta, Trelora, Work TodayJumpcut and Sawyer.