A million tiny horses

Each year at Startupfest, I try to frame the current state of the startup world. 2025 was a year of huge change: agentic AI was forever changing the economics of new ventures. Instead of unicorns, we were entering the era of a million tiny horses: smaller, more niche businesses that didn't grow exponentially, but each hit a logistic curve.

Startupfest just released last year's talk; here's my take on where the startup world is headed, and why outcome/liability fit is the new product/market fit.

Startupfest happens again this July (alongside FWD50, the digital government conference). If you've been wanting to get to Montreal, this summer is a good time to do so. We're planing an amazing week of innovation across the public and private sector, with a bunch of surprises. We literally take over an entire pier in the iconic Old Port. You should come.