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pre-seed investing

Twelve months on: the case for true early-stage venture

May 15, 2026April 10, 2026 by Michael Berolzheimer
A bee resting on a plain white surface, scale and patience

A year ago I feared the potential demise of true early-stage venture. The data since has confirmed the analysis and compounded the problem. Here is where the prescription stands now.

Categories General Tags Capital Concentration, Emerging Managers, firm narrative, Fund Formation, LP letter, Market Structure, pre-seed investing, SaaSpocalypse, Venture Capital Market

Retiring the three-vector framework

May 7, 2026June 15, 2025 by Michael Berolzheimer
Whiteboard diagram being redrawn, representing thesis framework evolution at Bee Partners

Bee Partners has organized around vectors since 2016 and around three specific vectors (HMI, M2ML, BioM) since 2022. This post closes the door on that framework and explains why rubrics must evolve.

Categories General Tags AI Supercycle, Bee Partners, framework evolution, HMI, investment thesis, M2ML, Machines Have Won, pre-seed investing, thesis evolution, three-vector framework
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