I was a little shocked to hear a highly successful American VC investor tell me recently that he thought the industry was “over.” The Silicon Valley VC model had been a great investment game while it lasted. But nowadays fund managers were more concerned with generating fees than building the future, he said, with more than a whiff of disdain.

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April 27, 2026
The VC industry needs to reinvent itself
Expect mayhem if a handful of AI market leaders fail to deliver blockbuster IPOs
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John Thornhill is Sifted’s founder and innovation editor of the Financial Times. He tweets from @johnthornhillft

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