#MentalNote · product · startups · venture capital

The End of the MVP and the Dawn of the Attention-First Startup

After more than twelve years in startups and venture capital, you learn to recognize the patterns. You see the cyclical nature of hype, the ebb and flow of capital, and the perennial challenges of building something from nothing. You get a feel for the rhythm of the game.

But this isn’t just a change in rhythm. The ground beneath our feet is fundamentally shifting. A handful of powerful, accelerating forces are converging to rewrite the startup playbook I’ve known for two decades. The old pages are not just yellowed; they are becoming obsolete.

The ability to build and tell stories is cheaper and faster than ever. The cost of getting feedback on those stories and products has collapsed, thanks in large part to AI. Yet, in this world of infinite creation, the currency of human attention has never been scarcer or more valuable. All of this is happening as capital markets are tightening, demanding a clearer path to liquidity than the speculative bets of the last decade.

These aren’t separate trends. They are interlocking gears in a new machine. And for founders, investors, and even consumers, understanding this new machine is a matter of survival.

For Founders: The MVP is Dead. Long Live the MVT.

Let’s be blunt: The Minimum Viable Product is dead.

The classic MVP was an answer to the question, “Can we build it?” It was a test of technical feasibility and a hedge against wasting engineering resources. But today, the answer to “Can we build it?” is almost always “Yes.” With modern tools and AI co-pilots, a small, determined team can build almost anything.

That is no longer the operative question. The new question is, “Should it exist?”

This shifts the core activity of a startup from building to testing. Welcome to the era of the MVT: the Minimum Viable Test. An MVT isn’t a clunky product; it can be a photorealistic landing page, a simulated demo, an AI-powered concierge service, or a targeted ad campaign for a product that doesn’t exist yet. Its goal isn’t to acquire users, but to acquire evidence.

The paradox is that while the cost of testing a hypothesis has collapsed, the cost of capturing attention has skyrocketed. In a world where anyone can generate a product, noise becomes the dominant market force. A functional app is now table stakes, not a differentiator.

This elevates a founder’s other skills to the forefront. The most valuable founders of the next decade won’t necessarily be the best engineers; they will be the best storytellers and community architects. They will understand that the most durable moat isn’t a block of code, but a block of dedicated, engaged people. The new playbook is to build the audience before you build the product. The distribution channel is the asset.

For Investors: Alpha is Shifting, and Capital Isn’t King

For years, the venture capitalist’s edge came from access: access to proprietary deal flow and access to information. Both are eroding. AI agents will soon be able to scan every GitHub repository, every academic paper, and every new business filing, surfacing interesting signals for anyone to see. The “I found it first” alpha is vanishing.

More profoundly, for many early-stage companies, a check is no longer the most valuable thing an investor can provide. When a founder can run a dozen MVTs on a shoestring budget to validate their core idea, their primary bottleneck isn’t capital; it’s breaking through the noise.

They don’t need your money as much as they need your leverage.

The venture firm of the future cannot be a simple financial instrument. It must become a platform for leverage. The new value-add isn’t just a network of downstream investors; it’s a proprietary media engine that can guarantee an audience. It’s a stable of specialized AI agents that can automate a startup’s back office. It’s a data co-op that gives portfolio companies an unfair analytical advantage.

This demands a change in how we, as investors, evaluate founders. We must move beyond pedigree and PowerPoints to ask tougher questions. Is this founder a master of the MVT loop? Can they build a tribe? Can they tell a story that bends the attention market in their favor?

In this new reality, the generalist fund will be squeezed. The winners will be hyper-specialized firms that create a gravitational pull for the very best talent and ideas in a narrow domain, not just because of their capital, but because of the unique leverage they provide.

For All of Us: The New Gatekeepers

This rewiring changes the game for everyone. The line between consumer, fan, and early-stage backer has completely blurred. Through our clicks, our shares, our feedback, and our direct-to-creator funding, we are all on the cap table now. Our attention is the new seed round.

This brings a paradox. We have access to an unprecedented explosion of niche products and services tailored to every conceivable interest. Yet, we also face a tsunami of AI-generated sludge, low-effort “startups,” and sophisticated misinformation. In this environment, our most critical skill as individuals will be discernment.

We are trading one set of gatekeepers—the VCs in Sand Hill Road boardrooms—for another: the opaque, ever-shifting algorithms of TikTok, Google, and X. We have democratized access to the arena, but a new, invisible emperor still decides who thrives with a flick of an algorithmic thumb. Are we truly better off? I’m not so sure.

What I am sure of is that the game has changed. It’s no longer about who has the capital to build a fortress, but who has the leverage to command attention in a world of infinite creation. It’s a faster, more volatile, and intensely more personal game than ever before. It demands that we all—founders, funders, and fans—become more intentional about where we place our most valuable asset: our attention.

#MentalNote

The Father, The Son, and The Man I Hope to Be

The image of my father that sticks with me most isn’t one of grand gestures. It’s the quiet consistency of his presence. It’s the worn-out look of his work shoes by the door, the sound of his car pulling into the driveway at the same time every evening, the weight of his hand on my shoulder, a silent assurance that he was there. For years, I saw these things as simple facts of life, the unchangeable backdrop of my world. Now, standing on the cusp of my potential fatherhood, I see them for what they were: daily acts of sacrifice, a quiet language of commitment I’m only now beginning to understand.

As we get older, our parents transform from gods into people. Their choices, once immutable laws of the universe, reveal themselves as decisions made by a man who was often tired, likely uncertain, but always resolved. I look at my father now and I’m in awe, not of a superhero, but of the sheer, unrelenting effort. The quiet heroism of showing up, every single day, for a future he was building but might not fully get to see. That is the inheritance that leaves me breathless.

Happy Father’s Day to him, the original architect of my world. And Happy Father’s Day to my brother, and to all the other new fathers in the trenches of that beautiful, bewildering first chapter. Welcome to the journey. I can only imagine the mix of profound love and sheer panic you’re feeling. If there is one piece of advice I can offer from the sidelines, it is this: be kind to yourself. You are not just raising a child; you are raising yourself into a father.

It is a role you learn on the job, and the learning is as much about discovering your child as it is about rediscovering yourself. You will be confronted with the limits of your patience, the depths of your love, and the echoes of your childhood. You will find joy in moments so small they are almost invisible and feel a weight of responsibility so immense it feels sacred. It is a journey of becoming, and it is the most important work you will ever do.

This brings me to my path, a more internal one for now. For months, I’ve been in a quiet dialogue with myself, turning over a single question: “Why do I want to be a father?” For a long time, I think I assumed it was a natural, inevitable step, the next logical beat in the rhythm of a life. But to step into fatherhood consciously, I’ve realized, requires more than assumption. It requires interrogation.

I know that we often parent from one of two places: a place of repetition or a place of repair. We either unconsciously repeat the patterns of our upbringing or we consciously seek to repair the parts that were broken. To want a child from a place of “healing”—to offer them a security you may not have had, or to give a voice to a part of you that was silenced—is a noble instinct. But it is incomplete. A child cannot be a tool for our self-actualization.

The real work, I’m learning, is to arrive at a place of wholeness before they arrive. To sort through your baggage so they don’t have to carry it. It’s about asking: Am I seeking to be a father to fill a void within myself, or to guide a new soul from a place of fullness? Do I want to be a father to prove something, or to simply be something, a steady, loving, present man?

Knowing your “why” is the foundation. It’s what separates fatherhood as an identity from fatherhood as an act of service. It’s the anchor that will hold you steady when the nights are long and the days are trying. It’s the difference between seeing a child as a reflection of your legacy and seeing them as their person, a sacred trust you are privileged to shepherd.

Fatherhood, I see now, is not a destination. It’s a calling. It’s a call to be better, to dig deeper, and to love more fiercely than you thought possible. It’s a legacy passed down from men like my father, a challenge being met by men like my brother, and a question that I am learning to answer for myself, with intention and with hope.

Politics

The Western Fall on the Home Front: American Democracy at the Brink

In the first part of this reflection, I traced the external consequences of what I termed the “Western Fall” in 2016—the geopolitical shift towards a volatile, multipolar world. I concluded that perhaps the most critical variable in this global equation remains the internal health of the West itself. It is here, on the home front, particularly within the United States, that the drivers I first identified—social fragmentation, profound economic inequality, and the alienation fueled by technological disruption—have metastasized, placing the nation’s democratic foundation under unprecedented strain.

Looking back from mid-2025, the symptoms of democratic erosion are no longer subtle theoretical risks; they are documented realities. Respected global indices paint a concerning picture. The Economist Intelligence Unit has continued to classify the U.S. as a “flawed democracy” for nearly a decade, citing deep-seated political polarization and a decline in trust for the functioning of government. Freedom House’s latest “Freedom in the World 2025” report highlights ongoing concerns over political rights and the rule of law. Perhaps most chillingly, the V-Dem Institute at the University of Gothenburg has repeatedly warned of “autocratization” trends, noting that the level of liberal democracy enjoyed by the average American has significantly eroded over the last ten years. This is not just academic. It’s reflected in the public consciousness; recent polling from Gallup and Pew Research in late 2024 and early 2025 shows trust in core institutions—Congress, the Supreme Court, the media—hovering at historic lows. A startling majority of Americans now believe their own democracy is under serious threat.

These symptoms are a direct evolution of the root causes I diagnosed in 2016. The backlash to social liberalization has not abated; it has calcified into intractable cultural warfare, where political affiliation is now a primary marker of tribal identity. The economic inequality I wrote about has only become more acute, creating a vast and politically potent sense of disenfranchisement. Many Americans feel the system is rigged, a belief that populist figures from both the left and right have successfully channeled, further eroding faith in established processes. And the technological landscape has become a far more effective accelerant for division than I could have fully imagined. Social media algorithms reward outrage, AI-powered disinformation makes it nearly impossible to maintain a shared set of facts, and citizens retreat into insulated echo chambers, making compromise and consensus-building exercises in futility.

For the average citizen, the consequences of this decay are tangible and exhausting. It manifests as a pervasive political anxiety that seeps into daily life, straining relationships with family, friends, and neighbors. It’s visible in the persistent government gridlock that leaves critical, long-term problems—from crumbling infrastructure and soaring healthcare costs to immigration reform—unsolved, reinforcing the narrative that the system is broken. Most insidiously, it leads to an erosion of the shared civic story. When citizens lose faith in their elections, their courts, and their fellow Americans, the very idea of a unified nation with a common purpose begins to dissolve, leaving a void filled with suspicion and resentment.

Is there a path forward? The “deliberate steering” I mentioned in 2016 feels more necessary, yet more difficult, than ever. It requires moving beyond partisan rancor to focus on strengthening the democratic “plumbing” itself. A growing chorus of policy experts and civil society groups, from the Brookings Institution to the Carnegie Endowment, point toward several key areas for renewal.

First is institutional fortification. This involves passing robust federal legislation to protect voting rights and ensure election integrity, removing partisan influence from the process of drawing electoral maps, and exploring serious campaign finance reform to reduce the influence of money in politics. It also means reinvesting in the institutions of government themselves, particularly the non-partisan civil service, as a bulwark against political whims.

Second is confronting the information crisis. This is not about censorship, but empowerment. It requires a national effort to boost media literacy skills from a young age, enabling citizens to better distinguish credible information from propaganda. It also means demanding greater transparency and accountability from technology platforms whose algorithms have proven so socially corrosive.

Third, and perhaps most fundamentally, is civic and community renewal. National politics may be toxic, but change can be built from the ground up. Fostering local journalism, supporting community-based organizations that bring diverse people together to solve local problems, and promoting models of deliberative democracy can help rebuild the social trust and habits of cooperation that have atrophied. It is in the local sphere where a sense of shared purpose can be most readily rediscovered.

In my 2016 analysis, I concluded by questioning how political systems would operate as a result of the new normal. For the United States, the answer is clear: they are operating under extreme duress. The internal decay of American democracy is not merely a domestic tragedy; as we saw in Part One, it weakens the entire Western alliance and creates vacuums on the world stage that autocratic powers are eager to fill. The struggle to repair the foundations of American democracy is therefore not just a national imperative; it is a globally significant one. The outcome remains uncertain, resting on the difficult question of whether a deeply divided nation can rediscover the collective will to engage in the hard, unglamorous work of self-governance.

Politics

The Western Fall Revisited Pt 1: My 2016 Reflections in the Light of 2025’s Multipolar Reality

When I first wrote about the concept of a “Western Fall” back in 2016, I was diagnosing what I saw as a period of profound internal challenge brewing within Western nations. My analysis then pointed to the societal friction from rapid social liberalization clashing with traditional values, the corrosive effects of widening income inequality, and the seismic disruptions brought by globalization and technology. These, I argued, were key drivers of a growing popular disenchantment that could lead to a potential decline in the West’s outward influence.

Looking back from our vantage point in mid-2025, it’s striking how those internal recalibrations have not only deepened but have also acted as significant catalysts on the global stage. The internal stresses I identified, as I suspected they might, have contributed to accelerating the transition from a post-Cold War order, often perceived (perhaps too simplistically) as one of Western or unipolar dominance, to a genuinely multipolar global landscape. This new era is characterized by multiple, assertive centers of power, more fluid and often transactional alliances, and a far more contested and unpredictable international stage. Events since 2016 are now punctuated by the raw, kinetic volatility we’ve witnessed just this past week: with Russia and Ukraine continuing to trade devastating blows in a war of attrition that has become a laboratory for next-generation drone warfare, and the direct, unprecedented missile exchanges between Iran and Israel threatening to pull the entire Middle East into a wider conflagration. These events underscore the trajectory I was beginning to trace.

The manifestations of this shifting global power dynamic have become even clearer than I might have anticipated. The rise of assertive non-Western powers, which I was tracking, has solidified. China, despite its own evolving economic narrative, has moved to a more pronounced global presence. Its Belt and Road Initiative, though adapted in response to critiques around debt and sustainability, continues to be a significant vector of influence alongside its formidable military modernization and robust push in critical technological domains like AI. India, whose economic resilience I noted, has truly championed its “strategic autonomy.” Its robust GDP growth and nuanced foreign policy—balancing relationships with the US, Russia, and China—confirm its role as a pivotal independent force. I also observed the growing independence of regional powers like Turkey, Saudi Arabia, and the UAE; today, their diversified partnerships and assertive national visions are undeniable. The expansion of BRICS+ in 2024, incorporating nations like Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE, was a landmark I couldn’t have precisely predicted in detail, but the underlying aspiration it represents a Global South seeking greater voice and alternative platforms that aligns with the systemic shifts I was exploring.

The emerging multipolar order is characterized by increased volatility and a distinct resurgence of “hard” geopolitics. The direct state-on-state missile attacks between Iran and Israel this week, targeting oil facilities, nuclear-related sites, and population centers, have torn away the veil of their long-running shadow war. This escalation, which has reportedly killed dozens and wounded hundreds on both sides, exemplifies the grave risk of miscalculation in a multipolar system where regional powers act more assertively and the constraints of hegemonic oversight have frayed. This volatility is reflected in rising defense budgets; global military expenditure reached a record $2.718 trillion in 2024, according to SIPRI. Concurrently, the war in Ukraine persists as a brutal testament to this reality. Recent reports from the front lines in June 2025 describe a grinding conflict where unmanned systems now account for a huge percentage of casualties and where both sides are constantly innovating… Ukraine advancing its Sapsan ballistic missile project while Russia deploys North Korean artillery clones, highlighting a protracted struggle with devastating human cost and global repercussions.

This diffusion of power has inevitably stressed traditional Western alliances and institutions. The UN Security Council frequently finds itself deadlocked, and the WTO’s Appellate Body has remained non-functional since late 2019. In this context, the rise of “minilateral” groupings like the Quad and AUKUS makes sense as more agile arrangements. The intensification of competition in new arenas is another area where trends have sharpened. The race for technological supremacy in AI and semiconductors has evolved into a major geostrategic fault line, visible in the US export controls targeting China’s tech advancement and Beijing’s equally determined drive for self-reliance.

These shifts have profound implications for addressing our shared global challenges, a core concern of my 2016 piece regarding isolationism. Effective climate action is demonstrably complicated by geopolitical rivalry that can fracture efforts through trade barriers and divert vital resources. The COVID-19 pandemic provided a painful lesson in how “vaccine nationalism” can hamper global health security. Economic stability is increasingly vulnerable to trade fragmentation and strategic “decoupling,” which can disproportionately impact developing nations. And the erosion of the arms control architecture, with treaties like New START facing expiry without a clear successor, brings the specter of a renewed nuclear arms race into sharper, more alarming focus.

Reflecting on my “Western Fall” thesis from 2016, it seems less about an absolute, terminal decline of the West and more about a profound, ongoing recalibration of its relative power and influence in a world where other poles are not just rising but are now firmly established. This “new normal,” as I termed it then, is dynamic and fiercely contested. For Western nations, the challenge is to adapt to a reality where their primacy is no longer assured. For rising powers, their enhanced stature brings the undeniable opportunity to co-shape global norms, but also the critical responsibility to contribute constructively to global public goods. The overarching risk, as some analysts have warned with the “G-Zero” concept, is a leadership vacuum where heightened geopolitical instability stymies collective action. The “deliberate steering” I called for then remains an urgent imperative. And perhaps the most critical variable in this equation remains the internal health of the West itself, particularly the state of American democracy, which warrants its sober reflection. (Part 2 coming next week)

#MentalNote · #productideas · Big Ideas

Decoding the Chaos: Welcome to Wahala Economics

During my time navigating the vibrant streets of Lagos, I often found myself observing patterns that defied conventional economic wisdom. What initially appeared as disorganization or inefficiency hinted at something more complex, a hidden logic beneath the surface-level ‘wahala.’ It was there, amidst the bustling markets and intricate social dynamics, that the idea of ‘wahala economics’ began to take shape for me – a lens through which to understand the underlying, often unconventional, economic forces at play in such environments. It’s about recognizing that what looks like chaos might actually be a rational, if not always optimal, response to a unique set of constraints and incentives.

Consider the real estate market in Lagos. An outsider might observe seemingly high property prices, perhaps juxtaposed with visible signs of economic hardship. Scratch a little deeper, and you might hear about the lucrative returns some are making through platforms like Airbnb. This visible success, even if enjoyed by a relatively small fraction of property owners, can act as a powerful signal. The perceived profitability of short-term rentals creates an impression of high returns across the board. Consequently, buyers and investors, perhaps lacking granular data on actual Airbnb occupancy rates and profitability across different properties, may bid up prices, not just for Airbnb-suitable apartments, but for real estate more broadly. What appears ‘irrational’ – higher prices even for properties less suited to short-term rentals – becomes a rational response to the distorted incentives created by the highly visible, though potentially unrepresentative, success of some Airbnb ventures.

This phenomenon in the Lagos real estate market isn’t an isolated quirk. Across ‘wahala economies,’ you often find that the incentives themselves are skewed in ways that would seem counterintuitive in more conventional settings. What might appear as irrational behavior – individuals making choices that don’t maximize standard economic utility – often becomes rational when you understand the distorted incentive landscape they navigate. For instance, in environments where trust in formal institutions is low or where scarcity is pervasive, seemingly ‘inefficient’ behaviors like hoarding resources or prioritizing immediate gains over long-term investments can become logical responses to the prevailing conditions. The actors aren’t necessarily irrational; their rationality is simply calibrated to a different, often more challenging, set of incentives.

Beyond the immediate distortions of information asymmetry and skewed incentives, another layer of understanding in ‘wahala economics’ comes from the perspective of ‘infinite games.’ Unlike finite games with clearly defined players, rules, and an end goal, infinite games are about continuing to play. In environments marked by uncertainty and ongoing challenges, actions that appear ‘inefficient’ in the short term might be strategic moves within a much longer, undefined game. Consider a seemingly convoluted or time-consuming negotiation process. From a purely transactional viewpoint, it might look like a waste of resources. However, within the context of an ‘infinite game’ – where building relationships and establishing trust for future interactions is paramount – that extra time and effort might be a crucial investment.

Ultimately, ‘wahala economics’ invites us to look beyond the simplistic metrics of efficiency and immediate transactional gains. The seemingly chaotic dance of these economies often reveals a deeper, adaptive logic rooted in navigating information gaps, responding to skewed incentives, and playing the long game in environments where trust might be localized rather than widespread. The ‘inefficiencies’ we observe on the surface can be understood as the emergent strategies of actors responding rationally (within their context) to the particular ‘wahala’ they face.

What examples of ‘wahala economics’ have you observed in your own experiences or travels? Share your insights!