Venture Research Roundtable: Key Takeaways from Episode 1

Quick Summary

In this roundtable, Adam, Tyson, and Walter broke down the current state of private markets, with a focus on secondary markets, pricing transparency, and how companies in the AI space are becoming heavy hitters in venture capital. They dug into the complexities of private market liquidity, the evolving role of brokers, and why accurate financial data is becoming essential for both employees and investors.

Adam’s Big Three

Private Markets are Going Public. 

Adam talked a lot about how private markets are starting to mirror the structure of public ones. Things are getting tighter, more data-driven, and transparent. “We're definitely still living in a world where things are more like public markets, tighter spreads, more accurately priced”. That’s great news for everyone trying to navigate this space because it levels the playing field. The days of fuzzy valuations and insider-only knowledge are numbered—data is democratizing the process, which ultimately makes it a safer place for investors and employees alike.

Partnerships In Private Markets Move Markets. 

Adam focused on highlighting how big news, like partnerships, can send ripples through private markets, just like it does in public ones. It’s interesting because this means private companies need to start being more mindful of how these external announcements affect their market presence. Investors are paying attention, and these moves can really change the game when it comes to market demand.“One of my first thoughts was... I wonder if we'll see demand move on the back of this in a considerable way.”

Secondary Markets Need to Mature.

Private companies are staying private longer, so secondary markets need to be ready to handle the load. Adam’s says that without robust secondary markets, employees and investors would be stuck without ways to cash out. “You need the secondary world to handle the amount of volume”. It’s like having a high-performing car with nowhere to drive—it can only sit in the garage for so long before someone needs to take it for a spin.

Tyson’s Big Three 

The Price Is Right. 

Tyson opened up about the uphill battle of trying to build a platform like Notice. They thought AI would be the answer to everything, but reality hit: there just wasn’t enough data to work with, and they had to get creative. “We're trying to build pricing... We weren't sure it was possible.” But that’s what makes this so impressive—they found a way to make it work anyway. Notice is filling a gap that private markets desperately needed: real-time, reliable pricing.

Rapid Innovation in Secondary Markets.

Tyson pointed out that there’s a shift happening—more and more platforms are trying to bring some order to the chaos of secondary markets. The problem? This market isn’t one-size-fits-all. Different players need different things, so while centralization sounds great, it’s not always the best solution. “I think there's a lot of recognition... and there's more groups trying to centralize the market.” Still, the fact that people are trying shows that there’s room for improvement and innovation.

Don’t Try Hard to Control Your Shares.

Tyson also took a shot at companies that try too hard to control who owns their shares. Sure, they think they’re keeping control, but in reality, blocking trades just creates blind spots. You don’t know who actually holds a piece of your company, which can cause bigger problems down the road. “The reality is when you block trades... now you have no idea who the beneficial owners are”. Tyson’s message is clear: transparency works both ways, and companies benefit when they play ball.

Walter’s Big Three

All About the Details. 

Walter made a great point about how Sacra’s data model—combining revenue and pricing info—helps everyone understand what’s really going on under the hood of these private companies.“I think the best revenue data on pre-IPO companies combined with pricing data allows for deeper analysis”. It’s like having a map when you’re navigating uncharted territory. Investors don’t just want to know what’s happening; they want the full picture, and that’s what Sacra is providing.

Private Markets Are Evolving. 

Even though private markets are starting to resemble public ones, Walter asserted that we’re not quite there yet. “Private markets are becoming more like public markets... but there are still structural differences.” The gap is closing, but the way deals are done, and the information that’s shared is still very different. It’s evolving, but slowly. We’re not at the point where private companies operate like mini-public companies, but platforms like Sacra are pushing us closer to that reality.

Let’s Give People the Data. 

Walter’s passion for empowering investors and employees is clear. He doesn’t just want people to take Sacra’s word for it—he wants them to dig in themselves. “One of the things we’re really amped about is giving people tools to do their own research”. Giving people access to tools that let them explore the data is a game-changer. No more gatekeepers; it’s about making sure anyone can get the information they need to make smart decisions, whether they’re an investor or an employee.

Overall Takeaway

The big takeaway here? Private markets are heading toward a future where data and transparency reign supreme. Companies like Notice and Sacra are leading the charge, making it easier for everyone to get a clear picture of what’s going on. For investors, it means smarter decisions and better pricing; for employees, it means understanding the real value of their equity. As more platforms and tools emerge, private markets will become more accessible, efficient, and transparent. In the end, this shift is going to make private markets a much fairer place to invest, work, and grow.