What Is an Earnout in M&A?
An acquisition can be a significant exit opportunity for private investors, but the headline purchase price does not always tell the whole story. In some deals,…
Bill Clark
MicroVentures Blog
Insights on private-market investing
Research, market commentary, and education for investors and founders.
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The New Defense Stack: AI, Autonomy, and the Software-Defined Battlefield
Artificial intelligence, autonomous systems, and software-defined technologies are changing how modern militaries develop and deploy new capabilities. As governments invest more heavily in these technologies, new…
Bill Clark
The Energy Bottleneck: How Data Center Power Constraints May Reshape AI Investing
Artificial intelligence (AI) has captured most of the investment headlines over the past few years, with much of the focus on chips, models, and talent. But…
Bill Clark
Hardware vs. Software Startups: Key Differences Investors Should Understand
Startups Based on Hardware vs. Software Differ Significantly; Here's How Hardware and software startups are often discussed as part of the same technology ecosystem, but the…
Bill Clark
The AI Training-to-Inference Shift: Where the Next Wave of Investment Opportunity May Lay
Is the Next Wave of AI Investment Opportunity Just Ahead? The story of AI investing over the past several years has largely been the story of…
Bill Clark
The Megaround Era: What Larger Funding Rounds May Mean for Private Market Investors
Venture funding has shifted in recent years toward fewer, larger rounds concentrated in a smaller number of companies, particularly in artificial intelligence (AI). This concentration may…
Bill Clark
The New Geography of Startups: Where Innovation Is Spreading
For decades, a handful of cities have dominated the conversation around where startups are built, funded, and scaled. That picture has been shifting, with venture activity…
Bill Clark
How the Secondary Market Became a $106 Billion Opportunity in Startup Investing
The private market has long run on a simple liquidity model. Investors back a company, wait for an initial public offering (IPO) or acquisition, and collect…
Bill Clark
Building a Diversified Startup Portfolio
Many investors approach the stock market with diversification in mind, spreading capital across industries, asset classes, and geographies to help mitigate risk. Applying that same thinking…
Bill Clark
Education