In this episode of Nothing Ventured, host Aarish Shah welcomes investment manager Piotr Bukanski from Beringea. Piotr shares insights from his extensive background in finance, including his time at Merrill Lynch and his current focus as a generalist investor in B2B data, climate tech, and fintech. The conversation delves into the transferable skills from investment banking to growth investing, the importance of risk-taking and accepting failure in venture capital, and the dynamics of transitioning between consumer and B2B investments. Piotr emphasises the value of having a broad funnel of companies as a generalist while also becoming a specialist in specific sectors. He discusses the significance of understanding board dynamics and the necessity of vulnerability in investor-founder relationships. Additionally, Piotr addresses the challenges of climate tech infrastructure projects in relation to cash profiles and the current negative narrative surrounding the European IPO market. Tune in for an engaging discussion on the evolving landscape of venture capital and investment strategies. Timestamps: 00:00:00 - Introduction to Piotr Bukanski 00:01:06 - Transitioning from Investment Banking to Venture Capital 00:03:02 - Unlearning and Learning in Venture Capital 00:05:01 - Dealing with Imperfect Information 00:07:07 - Long-Term Thinking vs. Short-Term Metrics 00:08:34 - Comfort with Uncertainty in Early-Stage Investing 00:10:34 - Finding Reasons to Say Yes in Investments 00:11:44 - Identifying Risks vs. Upsides 00:12:54 - Decision-Making in Venture Capital 00:14:07 - Cultural Attitudes Towards Failure in Venture 00:19:45 - Shifting Focus from Consumer to B2B Investments 00:20:51 - Generalist vs. Specialist Investors 00:22:05 - The Value of Generalist Investors 00:24:05 - Specialisation in Different Stages of Investment 00:30:00 - Developing Skills as a Board Member 00:32:21 - The Importance of Listening on Boards 00:34:37 - Navigating Conflicts of Interest on Boards 00:38:24 - Challenges in Climate Tech Investment 00:39:35 - Capital Requirements in Climate Tech 00:41:08 - Finding Opportunities in Climate Tech 00:45:02 - The Role of Venture Capital in Large-Scale Projects Find Piotr Bukanski online at: LinkedIn: https://www.linkedin.com/in/piotr-bukanski/ Twitter: https://x.com/Beringea Beringea: https://beringea.co.uk This episode is sponsored by EmergeOne, fractional CFOs for venture backed tech startups from Seed to Series B. Get in touch at https://emergeone.co.uk/contact-us/ or join the CFO team at https://emergeone.co.uk/join-the-cfo-team/ Sign up for EmergeOne’s weekly newsletter, Off Balance at https://off-balance.beehiiv.com/subscribe