Why does Recursive Ventures Managing Partner Itamar Novick believe investing early is so important?

Have you been investing mainly at the pre-seed and seed stage in AI over the last 5 years? Or talk me through like kind of why invest early?

Yeah. Oh, absolutely. It's kind of gotten to a point where you're either like a super, super early investor who backs founders early on when they're at the beginning of their journey, or you're a mega fund, right? That's sort of how we get— the industry got recently pushed into. It's like, oh, you're Sequoia or Andreessen Horowitz and you manage billions of dollars, and when you can spot a potential winner a little bit later in the journey, you can pour all that money and resources into it. Or you're more of a person like me who really is there for the founders super, super early on before there's all the proof that you need to put big money to work. And I think a lot of folks are sort of in the middle are going to have a harder time, especially with AI where productivity gains are going to be so significant. And who knows, maybe you can build a unicorn with just 10 people and ChatGPT.