Emergence Dispatch: Founder Power Edition
Building on your own terms — stories of founders choosing wisely, moving fast, and rewriting the playbook.
A Moment for Founder Power
Across the venture ecosystem, a subtle but significant power shift is underway. Founders are no longer just grateful for capital. They are deliberate, discerning, and determined to build on their own terms.
At Primary’s NYC Summit earlier this month, Serena Williams and Beth Ferreira of Serena Ventures captured the moment clearly, noting that “founders are getting choosier.” They observed that even as capital becomes more available, today’s entrepreneurs are evaluating investors on more than dollars, prioritizing partners who bring strategic value, aligned values, and a willingness to roll up their sleeves.
The market is validating this mindset. In September, Germany advanced a landmark startup-finance reform bill designed to simplify fundraising and strengthen founder equity positions. Plus, Fenwick’s Q2 Venture Beacon reported a marked rise in founder-friendly terms, from greater governance protections to stronger control over future dilution.
These signals reflect a new equilibrium: one in which exceptional founders have the leverage to choose partners who do more than write checks—partners who accelerate vision into reality.
That philosophy has long guided the companies in our portfolio.
Zoom exemplifies the power of founder conviction. Eric Yuan turned down early acquisition offers to stay focused on building the most reliable video platform on the market, a choice that positioned Zoom to become a global-recognized verb.
Gusto has shown how independence can scale. CEO Josh Reeves has consistently prioritized culture and long-term impact over short-term liquidity, resulting in one of the most trusted SMB brands in fintech.
Together AI CEO Vipul Ved Prakash has been deliberate about building with the right long-term partners to ensure Together can scale responsibly and remain independent. By choosing investors aligned with his vision for open and efficient AI infrastructure, Vipul has positioned Together as a leader in helping enterprises train and deploy models on their own terms.
Founders:
The current market gives entrepreneurs both permission and incentive to be selective. Choose investors who share your ambition, respect your roadmap, and will help you build enduring companies, not just the next funding milestone.
From the Bench: New Ideas & Insights
Protecting the Human Algorithm
In his latest post, Gordon Ritter argues that in the age of AI, a company’s true moat isn’t just its data. It’s the human algorithm: the instincts, processes, and collaboration patterns that turn raw data into insight. Foundation models can replicate outputs, but if you expose the way your teams work, you risk giving away your competitive edge. Gordon makes the case for safeguarding not just data, but the intellectual property embedded in how your best people operate.
Read the post →
Prosper AI: Turning Hold Music into Healthcare Access
Jake Saper highlights Prosper AI, a new Emergence investment transforming one of healthcare’s most frustrating pain points: endless hold music, prior authorizations, and administrative back-and-forth. Prosper’s voice-AI agents streamline these workflows so patients get care faster and billing teams can focus on higher-value work. Already, the company has quadrupled revenue in a single quarter and is winning praise as the most important innovation since the EHR.
Read the full post →
Breaking the Data Monopolies
Lotti Siniscalco argues that decades-old data gatekeepers, from credit bureaus to electronic health records, have slowed innovation by locking up critical datasets. The rise of AI-powered workflows flips the script: startups can now capture fresh, high-resolution data at the point of use, creating living datasets that improve with every interaction. The real opportunity isn’t prying open legacy silos. It’s building the next generation of datasets from the ground up.
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Stop Running Free Pilots
Jake Saper’s latest post takes aim at one of the biggest leaks in enterprise sales: unstructured, free pilots. After reviewing POC outcomes across the Emergence portfolio, the data is clear: priced and structured pilots close 3x more deals. Jake shares five best practices for turning POCs into a true enterprise motion: define success criteria upfront, time-box ruthlessly, pre-commit next steps, get access to decision-makers, and document like a contract. The message is simple: your pilot isn’t a favor. It’s the foundation of your deal.
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Gordon Ritter on the Yesterday Podcast: Conviction, Courage and Climbing
On the latest episode of the Yesterday Podcast, Gordon reflects on the moments that shaped Emergence: his father’s courage covering the Freedom Riders, the day he signed Salesforce as a partner despite intense pressure to walk away, and the 15-month grind to raise Emergence’s first fund. He even shares lessons from climbing Denali, and why backing founders willing to step onto the ridgeline matters more than ever.
Listen to the full episode →
Emergence in the Wild: Catch our partners at these upcoming events
Santi Subotovsky at TechCrunch Disrupt
Santi will take the stage multiple times at TechCrunch Disrupt in San Francisco. On October 27, he’ll join Zoom founder Eric Yuan to explore what comes after breakout success, then host a breakout session with Melissa Wong, Zipline’s CEO and cofounder, on the founder journey. On October 28, he’ll serve as a judge for the Startup Battlefield competition, where the world’s top early-stage startups compete for global recognition. Register here to attend.
Lotti Siniscalco at Slush 2025
Lotti will join Seedcamp and USV on stage at Slush in Helsinki this November for a panel on “What Your Fund Size Says About You and Your Strategy.” The discussion will explore how fund size shapes investment approach, portfolio construction, and long-term vision. Learn more here.
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See you next month with more ideas, stories, and moments from across the Emergence ecosystem.