Sidekick FM - Brighteye

**Timestamps** 0:00 Is Your Company Worth 20x Revenue or 2x? 00:20 Welcome to Sidekick: Meet the Brighteye Index 00:57 Why We Built the Index for Founders 01:50 What the Index Tracks and the Valuation Tool 02:23 Takeaway 1: Learning Trades at a Steep Discount02:54 Takeaway 2: AI Is the New Dividing Line 03:29 Takeaway 3: Private Valuations vs. Real Exits 04:25 What This Means for Founders 05:05 Outro‍How much is your startup actually worth? And what is the market really telling us about valuations? In this short solo episode, David introduces the Brighteye Index, our new monthly benchmark tracking how public and private companies in the future of learning and work are valued. Three findings stand out: (1) Learning vs software: Why are learning companies trading at a significant discount? (2) The AI effect: Is AI making your business more valuable, or easier to replace? (3) The valuation gap: Why are private companies valued at 20x revenue when acquisitions happen at much lower multiples? A quick, practical look at the numbers, what they mean for founders, and how to use market benchmarks to make better fundraising decisions. Explore the Brighteye Index: https://www.brighteyevc.com/sidekick-posts/brighteye-index

What if OpenAI and Anthropic entering education is actually good news for learning startups?Recorded live at the Brighteye Summit in London, Rhys sits down with Libby Hills, co-founder and CEO of EdTechnical, to explore how AI is reshaping education and what it means for founders.From AI tutors and the changing role of teachers to the slow pace of adoption in schools and universities, Libby challenges some common assumptions about the future of learning.Her central argument? Better AI doesn't necessarily mean better learning. As frontier labs enter education, the real opportunity for startups is to compete on quality, evidence and measurable learning outcomes. ** Timestamps** 0:00 Is the current generation less smart? The Economist articles and declining intelligence 0:54 Welcome to Sidekick 2:04 Libby's background: EdTechnical and revenue-based financing for Edtech 3:37 Are students really less smart? PISA scores and international decline 4:48 England bucking the trend and rethinking how we measure intelligence 5:53 AI in schools: expert feedback without rationing 7:43 Alternative school models: Alpha, Flourish, and micro-schooling 9:38 Teacher workload vs. proving student learning outcomes 13:12 How AI is transforming universities and qualifications 16:01 Learner motivation: learning as product vs. output 18:33 Screen time, parenting, and AI in the early years 23:58 Contrarian view: Why frontier labs entering education is good for learning Links: Edtechnical: www.edtechnical.com Libby Hills: https://linkedin.com/in/libbylhhills

Europe is spending billions on defence, but the skilled people aren’t there. And it’s not the only industry with that problem. Rhys and David unpack Brighteye’s Q4 2026 Future of Work report across five markets: defence, government, space, supply chains and solopreneurs. They cover why a quarter of Europe’s defence engineers are close to retirement, why AI is putting entry-level jobs under pressure, and the rise of the solo economy. Plus, Brighteye Founder Studio 2.0 starts in January 2027: a six-week programme for first-time technical founders. Applications close in December. If you’re building in the future of work, these are the gaps worth chasing now. **Timestamps** 0:00 Opening thoughts 1:30 Introducing the Future of Work Report Q4 2026 2:42 Brighteye Founder Studio 2.0 announcement and application details 5:33 Common patterns across five markets: defense, government, space, solopreneurs, and supply chains 7:14 How every role is changing, the chef example and AI-driven workflow transformation 8:50 Defence sector deep dive: Europe's talent crisis and three big startup opportunities 12:30 The AI paradox: how does the next generation develop expertise without entry-level jobs? 16:15 Sovrano: rethinking early career paths by training graduates to evaluate AI models 17:30 Optimistic takes on career evolution, new job categories, and shifting salary dynamics 19:10 Solopreneurship: entering the solo economy era with push and pull forces 23:30 Which problem from the report would you be most excited to solve and why? 26:03 Wrap up Links: 1. Q4 2026 Future of Work report: https://www.brighteyevc.com/sidekick-posts/the-future-of-work-report-q4-2026-edition 2. Founder Studio: https://brighteyevc.notion.site/brighteye-founder-studio-winter-2027

What does someone who spent five years at Google DeepMind really think about the future of AI? Fresh from his last day at Google DeepMind, Jonathan Evans joins Ben, Brighteye's Managing Partner, for a candid conversation about how AI is changing the way we work, build products and create value. From the rise of AI agents to the changing role of engineers, Jonathan shares what he's learnt from working at the frontier of AI, and where he believes the biggest opportunities (and risks) lie ahead.‍ A few questions we explore - Is AI making us more productive, or just intellectually lazy? - As AI models become commodities, where can startups still win? - How is AI changing engineering roles, and which skills will become more valuable? - Why are so many DeepMind researchers leaving to build their own companies? - What really gives startups an advantage when the AI giants keep getting better?‍ The big takeaway? As AI becomes more accessible to everyone, deep industry expertise, proprietary data and a real understanding of customer workflows could become more valuable than ever. A conversation packed with insights for founders building in the age of AI. **Timestamps** 0:00 Opening thoughts on intellectual laziness with AI 1:11 Jonathan introduces himself and his career background 2:50 Jonathan's last day at DeepMind; it's also his birthday 3:30 Ben asks about DeepMind's roadmap and its impact on work and learning 4:48 Layers of AI: model, harness, agents, and learning-specific applications 6:47 Model commoditisation and Karpathy's tweet about being behind on tools 8:07 DeepMind's advantage: using AI to improve the model itself 10:43 How the ML engineer role has changed with LLMs 11:55 Warning about intellectual laziness and work lacking substance 12:20 The founder's question: avoiding the buzzsaw of large language models 16:40 Neo labs, the DeepMind mafia, and betting on AI approaches 21:18 Closing: AI models are commodities, but deep expertise is not‍ Link: https://www.linkedin.com/in/jonathan-evens/

What actually happens when someone wants to buy your company? Recorded live at the Brighteye Founder Summit in London, David sits down with Carly Becker (Chief of Staff and Strategic Projects - M&A) from Multiverse, Hannes Aichmayr (Director of M&A and Corporate Development) from Seven Education and Sam Pout from CMS for a candid conversation about how M&A really works. How do buyers decide what your company is worth? What can kill a deal during due diligence? How do you create competition between buyers? And what should founders be doing years before they actually want to sell? They unpack the gap between VC and M&A valuations, earn-outs, exclusivity, what buyers are looking for in the age of AI, and the mistakes that can leave money on the table. A practical M&A reality check for founders and investors. ** Timestamps ** 0:00 Opening: VC vs. M&A valuation mindset differences 0:26 Honesty about why you're selling matters; "It's amazing" isn't enough 0:51 Deal breakers preview: IP ownership, messy cap tables, data security 1:18 Intro: Welcome to Sidekick 2:00 Round of intros: Carly (Multiverse), Hannes (Seven Education), Sam (CMS) 3:30 Market gap: well-integrated companies get high multiples, niche ones drop 4:25 Deal volume: big transactions and small ones, middle is thinning out 5:20 What does an M&A process look like from start to finish? 6:31 Timeline: LOI to deal signing typically takes 3-4 months 7:46 How do buyers actually value your company? (EBITDA vs. ARR multiples) 11:40 Red flags and deal breakers: IP ownership, messy cap tables, data security 12:41 Earn-outs discussion: problems and alternatives (equity rollover) 14:37 Creating buyer competition when one buyer demands exclusivity 31:03 Closing summary: three key takeaways from Carly, Hannes and Sam ** Links ** https://www.linkedin.com/in/carly-becker-profile https://www.linkedin.com/in/hannesaichmayr/ https://www.linkedin.com/in/sam-pout-89190642/

Timestamps‍ 0:00 Cold open: mics in every classroom & AI superpowers 1:57 Welcome to Sidekick: introducing John Danner & Flourish 2:15 From ad tech to education: John's career journey 4:15 why Flourish exists: existing schools won't change on their own 4:55 the two big ideas: 1-on-01 learning & AI teaching academics 8:55 AI improvement loops: digital students & automated bug fixing 13:17 What becomes of the teacher? people skills over content expertise 16:55 AI-generated interventions: teacher guides & worksheets 18:32 Curriculum, assessment & map testing in the Flourish model 20:10 Sci-fi measurement: mics in classrooms & scoring 24 superpowers 24:29 The future of Flourish in 2036 & new venture investment category 31:23 Advice for the next generation: agency, curiosity & ai fluency‍ Can a school finally deliver one-on-one learning at scale? John Danner, founder of Rocketship and now Flourish, joins David and Rhys to explain how AI now teaches the academics well enough for the middle of the class, freeing teachers to work with individual kids. He shares how Flourish measures curiosity and agency from classroom transcripts, why its AI finds and fixes its own product bugs, and why he believes school networks, not software, are the next venture growth category. Useful listening for founders building in K-12 and AI in learning.‍ Follow John on Substack for weekly updates: https://dunce.substack.com/ Links: https://www.flourishschools.com/ https://www.linkedin.com/in/jwdanner/

In this special episode, Ben, Izzy, Rhys and David sit down following the first close of Fund III to reflect on how Brighteye’s thinking has evolved since 2018. They discuss how AI is reshaping learning and work, why the thesis has expanded into the HumanOS, what they have learnt as investors, what makes them lean forward today, and where their views have changed. They also share how Brighteye is evolving its platform and what they are looking for in the next generation of founders: pre-seed and seed companies built in Europe with global ambition. ** Timestamps ** 0:00 "Building is the new reading": AI’s biggest unlock 1:08 Welcome to Sidekick: a special Fund III episode 1:52 What has changed since 2018: from edtech SaaS to AI 4:13 Lessons learnt: good product is not enough, and the Series A bar is rising 7:00 Staying optimistic on AI: Jiro Dreams of Sushi and job creation 8:41 The HumanOS thesis: augmentation over automation 10:58 What makes us lean forward: fresh perspectives and deep domain knowledge 13:06 Changed minds: personalised learning and data annotation 16:37 "Learning in the flow of life" 19:06 Levelling up the platform: productising the founder experience 21:16 What Fund III is funding: European pre-seed and seed founders with global ambition 23:24 Izzy on combining the physical world and AI ** Get in touch ** Ben: [email protected] Izzy: [email protected] David: [email protected] Rhys: [email protected] More on Fund III: www.brighteyevc.com/sidekick-posts/brighteye-secures-72m-in-fund-iii-first-close

Schools are racing to ban AI but what if that's the lazy way out? This week on Sidekick, we sit down with Dora, co-founder and CEO of Imagi, one of Brighteye's portfolio company building a safety and responsibility layer between K12 students and the real-world AI tools they'll increasingly use. Dora shares why Imagi pivoted from coding education to AI literacy, how schools can hold two realities at once (embracing AI in some contexts and excluding it in others!) and why personalised learning, finally possible thanks to AI, should be celebrated rather than feared.We also go beyond the product. Shee opens up about the hardest parts of being a founder (hint: there's no "A for effort"), what she learned writing 10+ checks as an A16Z scout, and why the best advice she can give fellow founders is to walk your own path imperfectly rather than someone else's perfectly. ** Timestamps ** 0:59 - Welcome to Sidekick + introduction to Dora 2:06 - The genesis of Imagi: where the idea came from 3:14 - The grand vision: where Dora wants to take Imagi 4:35 - Schools delaying AI adoption: Dora’s reflections 6:56 - “Banning AI is the lazy way out”: intentional use vs. bans 8:40 - Personalised learning is finally possible, so why are we scared? 9:54 - Founder lesson: there’s no “A for effort” in entrepreneurship 13:14 - What she learnt as an a16z scout, and how it shaped her as a founder 15:44 - One piece of advice: walk your own path, imperfectly‍ Links: Imagi: https://imagilabs.com/ Why we invested in Imagi: https://www.brighteyevc.com/sidekick-posts/why-we-invested-in-imagi Dora's a16z portfolio: https://vibeinvesting.lovable.app/

The fundraising bar has moved. In this episode, we unpack what investors now expect at Pre-seed, Seed, and Series A and why traction alone won't get you funded anymore. We break down the shifting benchmarks across each stage, what "de-risked" really means in today's market, and share a simple framework to help founders answer the hardest question: is it time to raise, or keep building? Whether you're pre-revenue or pre-Series A, this conversation will help you pressure-test your readiness before you pitch. **Timestamps** 1:00 What does it actually take to raise in 2026? 2:07 AI lowered the cost of building but raised the cost of differentiation 9:30 Round preemption: how VCs are moving earlier and more aggressively 12:09 Conviction-led vs. momentum-led investors and why founders should know the difference 14:27 The fundraising proof framework: Insight -> Pull -> Repeatability 14:55 Pre-seed: "Can you see something others don't?" 16:17 Series A in 2026: why it feels like Mission Impossible (and one company doing it anyway) 17:24 Why the gap between pre-seed and seed has widened significantly 25:25 Are you ready to raise? A simple decision tree for founders 26:29 Three questions every founder must ask: AI defensibility, distribution advantage, and does your product get better with every use? Read piece (see fundraising decision tree): www.brighteyevc.com/sidekick-posts/the-fundraising-bar-has-moved-heres-how-to-know-if-youre-ready

The Series A ladder hasn't disappeared, it's just moved: founders raising seed today are expected to hit traction that used to define a Series A. David and Rhys unpack why the bar has risen so sharply: seed rounds now behave like the old Series A, pre-seed to seed can mean €5-11M raised before founders even reach "Series A territory", and AI-first companies are bending the sequence entirely. The takeaway: stop planning around an 18-24 month Series A timeline after your seed, stay lean, and raise on your terms, not under pressure. Timestamps: 0:00 - Even a 6X YoY growth company faces a tough Series A today. 1:05 - Investors expect companies much further along by Series A now. 7:35 - Companies can do more with less: smaller teams, faster iteration, AI acceleration. 7:53 - Cheaper to build means higher investor expectations for what you've built. 8:36 - Fundraising ladder compressing: pre-seed/seed/growth -> Series A looks like old Series B. 11:41 - Don't assume a Series A will arrive 18-30 months after your seed. 12:00 - Stay lean, protect cash, avoid overstaffing before growth materializes. 12:52 - Build a plan that doesn't require a Series A: raise on your terms, not cornered. Links: LinkedIn post: https://www.linkedin.com/posts/activity-7492849503104901120-lFup/ in Plain Sight - Do doctors still need 6 years of training to qualify?: https://www.brighteyevc.com/sidekick-posts/do-doctors-still-need-a-decade-to-qualify