This article explores the growing confusion between fundability and investability in venture capital. It argues that an overemphasis on fundability—measuring how well a startup fits current trends—can stifle innovation and lead to poor investment decisions. The piece highlights the consequences of a consensus-driven market, particularly in the context of increasing capital concentration.

The article discusses the evolving landscape of venture capital (VC) beyond popular narratives and memes, emphasizing the importance of understanding the underlying fundamentals of the industry. It highlights how VCs are adapting to new market conditions and the significance of strategic investments in fostering innovation and growth.