How the next generation of billion-dollar investors think - Jonathan Userovici [Headline]

Today on BILLIONS, I’m sitting down with one of Europe’s youngest General Partners — Jonathan Userovici from Headline, a global venture firm that spots the next billion-dollar companies before anyone else.Jonathan’s already backed some of Europe’s fastest-growing unicorns and he’s quietly redefining what it means to invest with both data and instinct.In this episode, I want to talk about the behind-the-scenes of fundraising, how he spots future billion-dollar founders, and where the biggest opportunities in AI are.And of course, we’ll talk cash — secondaries, cap tables, and the real economics behind staying hungry once you’re rich on paper.If you’ve ever wondered how the next generation of billion-dollar investors think — this episode is your blueprint.Jonathan, thanks a lot for joining!TIMELINE :00:00:00 - 00:01:09 : The rise and fall of unicorns 00:01:09 - 00:03:42 : Backing founders who build long-term compounders  00:03:42 - 00:08:48 : Speed of iteration: The ultimate founder advantage  00:08:48 - 00:12:46 : Unicorn playbook:  00:12:46 - 00:20:35 : Deal flow secrets: Scoring, signals, and global sourcing with AI  00:20:35 - 00:26:34 : Headline’s global roadmap strategy and industry watchlist  00:26:34 - 00:34:08 : The true trillion-dollar AI opportunity  00:34:08 - 00:42:20 : Secondaries, incentives, and cash: De-risking without losing hunger  00:42:20 - 00:49:12 : VC exits, liquidation prefs, and cap table traps to avoid  00:49:12 - 00:55:40 : Valuation games in the AI worldREFERENCES :- Arthur Mensch- Loïc Soubeyrand- Daniel Nathan- Christian Miele- Arthur Waller- Mistral AI- Black Forest Labs- Bioptimus- Harvey- Legora- Lovable- Grok- Swile- Pennylane- Homa Games