Counter VI: Defining Moments from the Premier Gathering of CVCs

A record-setting Counter VI anchored the very first CVC Week—bringing together 600+ investors on the main day and 1,000+ founders, corporates, and investors across more than 20 events throughout the week. As always, our Counter Club programing is curated for members only, real talk with no party line and led by prior CVC leaders with true-lived experience.

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This recap is just a sample, corporate VCs can get the full notes packet on Counter Club now!

Counter Club members (corporate VCs only) can access the full notes summary and slides in the media center of the CVC Week Hub: https://counterclub.vc/
If you are a corporate investor and not a member yet, you can request to join here.

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Winning the AI Race: America’s AI Action Plan

Michael Kratsios outlined the U.S. government’s approach to securing global AI leadership, emphasizing a flexible, sector-based regulatory framework that encourages innovation while safeguarding competitiveness. He argued that an “American stack” of chips, models, and applications must be exported worldwide to ensure breakthroughs are built on U.S. soil.

“We want to make sure that the entire world is built on and running on the American stack. What we mean by stack is essentially down to three layers. It's chips, models and applications."
‍_{– Michael Kratsios}

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The Inside Story of SVB and First Citizens Bank

Frank Holding Jr. shared candid reflections on acquiring Silicon Valley Bank after its collapse, describing the urgency, responsibility, and risks of integrating a systemically important institution.

“Our most important thesis there was to not destroy what was being done.”
_{– Frank Holding Jr. on protecting SVB’s client-centric, relationship-driven model.}

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Human Capital in Venture Capital

Professor Ilya Strebulaev unveiled the largest dataset ever assembled on venture capitalists (100,000 VCs), showing how people—not just capital—shape outcomes. His analysis revealed demographic shifts, persistent diversity gaps, and the decisive role of prior founder/operating experience in advancing within firms.

While 55% of senior VCs succeed once, only 36% achieve repeat success.
_{–Ilya Strebulaev in the Human Capital in Venture Capital study with Blake Jackson}

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Aduro Fund Performance Data: Lifting the Veil on Venture

Aduro Advisors presented rare benchmarking data across 1,400 funds, revealing how size and structure drive outcomes. Smaller funds deploy fastest, mid-sized funds recycle capital most effectively, and larger funds offer stability. For corporates, the session demystified fund performance and highlighted implications for CVCs entering the market.

Funds around $100mm have the highest levels of capital deployment, with more funds of this size recycling capital to invest +100% of commitments vs other fund sizes.
_{– Aduro Advisors in their Q2 2025 Performance Benchmark Report}

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From Boom to Balance with PitchBook

Kyle analyzed how AI dominates venture flows while other sectors stagnate, exits dry up, and CVC participation hits historic lows. He cautioned against overconcentration in AI, noting that while big tech bets prop up totals, most newer CVCs have gone dormant.

225 new CVCs entered market in 2020/21, just 30% have been active in 2025
_{– Kyle Stanford}

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Corp Dev: The New Art of the Deal

Leaders from Adobe, ServiceNow, and Shopify discussed how M&A has shifted from revenue metrics to talent and IP acquisition. They stressed the best deals grow from trust built with founders long before a transaction. Moreover, timing is as important as speed in today’s AI-driven market.

“In M&A, it’s like marriage—you have to build trust over time.”
_{– Justin Wang, Adobe}

_{From L to R: Justin Wang, Director, M&A and Ventures, Adobe
Vishal Kumar Gupta, VP, Head of Corporate Development & Investor, ServiceNow Ventures
Tian Tian Feng, Head of Shopify Ventures & Managing Director of Product Acceleration, Shopify
Holly Wu, Director, Americas M&A, Venture and Partnerships, Mercedes-Benz (Moderator)}

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Strategic Capital in the AI Wild West

Joanna and Cack explored how corporates can cut through AI hype by offering distribution, brand, and data advantages. They argued that strategic CVC value now comes from ecosystem leverage rather than logos, and that investments must focus on utility above commodity LLMs.

“Perplexity got to two million users in two months. That’s the bar now.”
_{– Joanna Lee Shevelenko on execution pace separating the winners from losers in the AI race.}

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Breaking Away: The Spin-Out Story

Kate and Garth reflected on Scale’s spin-out from Bank of America, emphasizing the need for portable track records, transparent communication with LPs, and unwavering team confidence to succeed as an independent fund.

“If your future depends on one executive sponsor, you’re vulnerable.”
_{– Kate Mitchell}

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Fireside Chat with George & George

George Kellerman and George Hoyem (Former Head of Investments, In-Q-Tel) offered candid lessons on building resilient CVC platforms. They agreed that strategic and financial outcomes are inseparable and that CVCs earn longevity by moving fast, staying independent, and delivering real value to founders.

“Put in the bones early—legal structure, decision-making authority—otherwise you won’t survive.”
_{– George Kellerman on CVC long-term survival requirments}

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New Kids on the Block: Google AI Futures Fund & Figma Ventures

Jon and McKenzie showcased how newly launched CVCs can stand out by leading with ecosystem value, not capital. Google provides startups with early access to foundation models, while Figma connects founders to a massive design community.

“Nobody is coming to us for money—they come because we can give them a real edge.”
_{– Jon Silber on the AI Future Fund Value Adds: Cloud credits, early model access, co-development, co-marketing}

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The Contrarian Tale of a $2B Solo GP Fund

Oren traced his unconventional path from a $20M “accidental” first fund to one of the most successful solo franchises in venture. His model is built on speed, simplicity, concentrated ownership, and radical founder alignment—valuing reputation even above returns.

“All you need is three or four good decisions a year. Give money, get stock. It’s a simple business.”
‍_{– Oren Zeev}

Looking Ahead

Counter VI was just one anchor of the inaugural CVC Week, which featured 20+ events hosted across San Francisco by Counter Club members and partners. From founder matchmaking to industry-focused dinners and the first-ever Platform & Portfolio Development Summit, the week marked a milestone for the corporate venture ecosystem.

Stay tuned—more recaps from CVC Week are coming soon.

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