We find where systems get stuck
and deploy capital to unstick them
In complex industries, a small number of constraints determine where value accumulates and where progress stalls.
We identify those constraints and invest where resolving them unlocks outsized value.
THE PROBLEM
There’s no shortage of capital.
There’s no shortage of important problems.
Almost nobody knows where a small amount of capital can have a disproportionate impact on a system.
In most industries, value doesn’t spread evenly.
It concentrates in a small number of bottlenecks.
People understand this in theory.
In practice, those constraints are hard to find.
THE INFRASTRUCTURE
We identify where systems break, stall or fail to scale.
For nearly two decades, we’ve built a computational system to analyze how value chains behave.
Where value accumulates.
Where it gets stuck.
What might resolve those constraints.
Whether those solutions work in real conditions.
Most analysis treats systems as static.
Ours are dynamic.
We track how constraints form, shift and resolve over time.
This approach consistently leads us to different questions, different answers and different actions.
THE ORIGIN
This work began as a collaboration with Clayton Christensen and Intel.
It now guides how we allocate capital across complex industries worldwide.
HOW WE WORK
Understand the system.
Find the bottlenecks.
Deploy to address them.
Current Portfolios
