Upside Ep #60 — Germany's White Gold, The UK's Red Ink, and Reinventing VC

🎧 Upside Ep #60 — “White Gold, Red Ink, and Reinventing VC”Hosts: Dan · Lomax · Andrew Recorded: Oct 2, 202501:00 – Quick News Highlights🇺🇸 US Shutdown — $15B GDP loss per week; political theatre more than fiscal risk.🇬🇧 Labour Party Conference — Starmer’s 13% approval, OBR to cut productivity; £10B headroom could flip to £20B deficit.💰 UK recovers $5B from Bitcoin fraud (FT)🔐 UK demands Apple backdoor again (TechCrunch)🤖 OpenAI $500B valuation (FT)🌉 EF exits Europe, launches “Bridge” Bay Area program (Sifted)🎬 Sora 2 video model - Sam A videos. Bwahaha 10:00 – EF’s US PivotEF closes Paris/Berlin, focusing on US founder “sheep-dipping.” Validation of EU founder quality but reminder: growth capital + urgency still American advantages.17:00 – Germany’s Lithium Discovery43M tons found in northern Germany — ~$600B in-ground value.DLE extraction (from brines) cleaner but unproven.Europe could cover 50 years of demand, yet permitting, costs, and NIMBY issues loom.Real win may lie in refining and gigafactory build-out, not mining alone.22:00 – London’s IPO DeclineLondon slips to #23 globally; IPO volume down 69% ($248M → $42M).Causes: low equity appetite, no tech weighting, over-regulation, pension conservatism.Fixes: incentivise pension investment, cut stamp duty, attract tech listings.27:00 – Should Governments Bail Out?UK guarantees £1.5B loan to JLR (post-cyberattack).Critics: moral hazard, no cyber-insurance, political pork-barrelling.Compare: Germany’s bold €500B public investment plan.Consensus: backstop only if government gets warrants + drives reform.41:00 – Reinventing VCUS mega-firms become RIAs, investing across public/private assets.New players: Evantic ($400M), Striker (10 LPs × 10 startups).AI models now beat humans at picking founders.Europe lags — still relationship-driven, early-stage remains “artisanal.”51:00 – Deals of the Week💥 Concept Ventures – £88M pre-seed fund (UK)🧪 Periodic Labs – $300M seed (ex-DeepMind/OpenAI)💼 Creator Fund – €80M pan-EU deep tech⚖️ Legora – raising $100M @ $1.7B🧠 Black Forest Labs – $4B valuation talks🦄 Cleo, Tide hit unicorn status57:00 – Defence & TechHighlights from London Resilience Conference: surge in EU defence startups, faster US build cycles, procurement reform lagging.MI6’s real “Q” reveals gadget: surveillance dog poo.59:00 – WrapEurope’s week in contrast: industrial ambition (Germany), structural pain (London), creative churn (VC & AI). Momentum builds — even amid the mess.