Drawing from 15 years of investing, from a $21M first fund to ~$500M AUM, David Beisel joins the Post Money Podcast to explain the VC power law, why only a handful of companies drive returns, how founders should think about pre-seed vs seed fundraising, and why AI will force VCs themselves to reinvent their value. The conversation closes with a candid take on AI’s second-order effects and a provocative idea most VCs won’t say out loud: AI may commoditize large parts of venture capital itself, forcing firms to reinvent where real value comes from.