AI Won’t Get You Access: The Human Skills That Still Matter Most
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Episode Summary
In this episode, Earnest Sweat and Santosh Sankar explore how the SaaS era may have dulled creativity in venture capital and how AI is shifting from an efficiency tool to a driver of productivity and differentiation. They discuss how once-novel advantages like data, platforms, and AI quickly become table stakes, forcing investors to double down on self-awareness, unique superpowers, and continuous tinkering with workflows and tools. The conversation covers LP skepticism around generic “AI strategies,” the limits of AI in replicating human taste, relationships, and EQ, and why access and worldview still matter more than ever. They also share concrete examples of how they’re using AI in their firms—especially for reporting, research, and CRM—and argue that the future investor is a “centaur” who manages agents, rethinks processes often, and treats creativity, curiosity, and being a good human as enduring moats. Also, don’t miss the sponsored segment as Leia Slosberg from AngelList interviews solo GP Sarah Smith about why she left Bain Capital Ventures to launch her own conviction-led fund, how she used an AngelList rolling fund as a fast, flexible way to prove her strategy before raising a $60M Fund I, and how AngelList’s software and support helped her meet institutional LP and operational due diligence demands.
Show Notes
Topics in this conversation include:
- How SaaS Fits Stable Workflows vs Exception-Driven Industries (0:52)
- From SaaS Efficiency to AI Productivity and LPs Asking “So What?” (3:08)
- AI Adoption Becoming Table Stakes for Private Market Investors (5:02)
- Commoditization of Data, Platform, and Vertical Specialization Advantages (5:49)
- AI Accelerating One to Two Fund Cycle Commoditization of Novelty (7:15)
- Defining Individual and Firm Superpowers and Avoiding Duplicative Skill Sets (11:31)
- Access, Relationships, and Why AI Cannot Replicate Venture Differentiation (14:51)
- Transition Period in AI Usage, Perception in Emails, and Wikipedia Analogy (18:47)
- Sourcing, Selection, Stewardship as Core Venture Functions and Where AI Fits (22:03)
- Why Sarah Left Bain Capital Ventures to Become a Solo GP (30:00)
- Operational and Tax Frictions That Drove Shift to Traditional Fund Structure (34:27)
- Operational Due Diligence Support from AngelList with Institutional LPs (39:47)
- Culture of Creativity at Dynamo and Open Experimentation With AI Tools (42:49)
- Earnest’s Personal AI Journey From Replit Experiments to Agentic Workflows (47:42)
- Documenting Processes, Training AI Like New Hires, and Refreshing Playbooks (55:06)
- Worldviews, Opinions, and Why the Pure Individual Contributor Is Obsolete (56:49)
Venture has plenty of content. What it lacks is candor and curiosity about the craft. Hosted by Earnest Sweat and Santosh Sankar, Carry On is focused on what building a firm actually looks like, not the highlight reel. Each episode breaks down the X’s and O’s of venture capital, traded openly between two GPs and a small circle of friends who live this work. From first funds to franchise firms, specialists to generalists. Learn more and subscribe at www.carryonpodcast.com.
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Your Hosts
Earnest Sweat
Venture Capital Advisor & Emerging Fund Manager
Santosh Sankar
Managing Partner, Dynamo Ventures
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