Every VC says they back high-quality companies.

That is like saying humans need to sleep, eat, and drink. True, yes. Useful, no.

The more important question is: what does “high quality” actually mean in venture?

For us, it means the potential to become uniquely world class.

A company that can become the clear winner in an important category. A company with real moats. A company that can build something enormous.

This is why we spend so much time trying to understand what is truly unique about a company. Not what is interesting. Not what demos well. Not what sounds differentiated in a pitch deck. Not what the ARR is today. What is actually hard to replicate? What gets stronger over time? What creates a widening gap versus everyone else? And the only way to know is to spend time with these deep tech founders and really understand how the technology, the product, and the company work.

I have written a long blog post on this topic on Two Small Fish’s website. Here is the link.