Studio partnership
Companies in autonomous systems, edge intelligence, intelligent infrastructure or machine economy technology. We evaluate them for a studio partnership, and with a fit we may embed operators and co-invest alongside you.
NWIN · Next Wave Investor Network
Co-invest with conviction
The Next Wave Investor Network is a membership for accredited investors who prefer to choose deal by deal. Members get our research, quarterly briefings and a first look at thesis-aligned SPVs, with no fund commitment. Founding-year membership is complimentary.
What members get
Reasons to join
Membership brings you inside the work. You see the research behind our thesis, hear from the companies and meet investors who share the view.
Thesis-aligned deal flow
A first look at co-investment opportunities in Next Wave SPVs. Each deal is screened against our thesis and operating criteria before it reaches you. You evaluate it and decide whether to take part.
Member research
Proprietary research, portfolio learnings, market shifts and the annual State of the Thesis, shared with members and Fund I investors. Analysis that comes from working inside the companies.
Quarterly briefings
Virtual sessions with portfolio updates, sector trends and direct time with company leadership. You see how we evaluate opportunities, what is working and what we are still learning.
Community access
Allocators with a shared philosophy who back durable businesses. Deal sharing and warm introductions across the member base with mutual consent, in a network that compounds over time.
Portfolio support
Companies of yours that need more than capital can come to us. Thesis-aligned ones may be evaluated for a studio partnership, and others may be a fit for Next Wave Capital Formation.
Exclusive events
Invite-only gatherings we will host in different cities, where members will meet founders, partners and one another in person.
Free resources
Our books Venture Capital 2.0 by John Cowan and Venture Capital Without Unicorns by James Thomason, the intellectual foundation of our model, plus future titles as they are released.
How deals reach members
Your diligence, your decision
Each opportunity moves through the same steps. We share our analysis and open doors, and you decide what fits your portfolio.
- 1
An SPV opens
A thesis-aligned company from our pipeline is ready for co-investment.
- 2
Materials arrive
Members receive detailed investment materials with our analysis.
- 3
Introductions
We connect you with company leadership as needed.
- 4
You decide
You run your own diligence and choose whether to take part.
Bring your deals
Thesis aligned
Every other company
Operating support for your own companies
Membership also works in the other direction. When a company you back could use operators or strategic help, there are two paths.
Next Wave Capital Formation
Advisory and consulting for companies outside our thesis, covering the business plan, financial model, go-to-market strategy, product roadmap and business development.
Who it is for
The Network is for investors who
Back durable businesses
Revenue, customers and operations built to last matter more to members than a speculative story.
Back the Era of Autonomy
The thesis guides every deal, from autonomous systems to the infrastructure beneath them.
Reject the illiquidity iceberg
Members are tired of the Silicon Valley pattern of years of paper value locked below the surface, and look for structures designed with a path to liquidity.
Value operating excellence
Members care how companies are run and see financial engineering as a weak substitute.
Want a lasting network
Members come for relationships with peers and founders that grow over many deals.
Network or Fund I
Choose each deal or choose a portfolio
Both routes are for accredited investors and both follow the same thesis. Fund I might be a better fit if you prefer systematic exposure to evaluating each deal.
Investor Network
- How you investDeal by deal through Next Wave SPVs, with no fund commitment
- DiligenceYou review each opportunity and decide for yourself
- What you receiveA first look at SPVs, member research, quarterly briefings, community access, events and free resources
- MembershipComplimentary in the founding year, with a waitlist open now
Next Wave Capital Fund I
- How you investA single commitment with diversified access to 30 to 35 Era of Autonomy companies
- DiligenceNo individual deal diligence on your side
- What you receiveDetailed company reports and proprietary research
- TermsFull terms in the Fund I materials
Where it started
Announced in our 2025 Annual Letter
The partners introduced the Network in January 2025 as an alliance of independent investors. The idea was simple. Give members the research, deal review and transparency that usually stays inside a fund.
Founding-year membership is complimentary
Join the waitlist and we will reach out when the Network goes live.
Fine print
Membership terms in brief
Membership in the Next Wave Investor Network is limited to accredited investors.
Membership is governed by the Next Wave Member Subscription Agreement. Founding-year membership is complimentary.
Next Wave Partners is not a registered investment adviser, broker-dealer or placement agent, and nothing on this page is investment, legal or tax advice. Early-stage investing carries a high risk of loss, including the loss of the entire investment.