RESEARCH

The Era of Autonomy, examined

Original analysis on autonomous systems, intelligent infrastructure, and the machine economy. Where value will concentrate, which structures will capture it, and the work traditional venture won't do.

Subscribe for free

What we publish
AI_navy

Industry reports

Sector analysis and market mapping across autonomous technology. Where capital is flowing, which technical milestones gate adoption, and how value chains are forming.

Browse industry reports →
Presentation-Board-Graph--Streamline-Ultimate

Insights

Commentary on venture capital, startup financing, policy shifts, and the economic forces shaping autonomous technology. Analysis with a point of view. 

Browse insights →
intelligent_infrastructure_2_navy

Resources

Frameworks, white papers, and tools for founders and investors building in the Era of Autonomy. Reference material designed for application.

Browse resources →

How research access works

Some research never goes public. Proprietary portfolio analysis, market shift assessments, and the annual State of the Thesis are premium member content. The work that informs our investment decisions stays with the people aligned to them.

Network membership is $1,000 per year. Exclusive research access is one component. Members also receive co-investment deal flow, quarterly portfolio briefings, and peer community access.

Learn about the Network

Recent publications
5 min read

Revenue-Based Repurchase Mechanism With No Exit Required

John Cowan: Mar 13, 2026

Next Wave Partners has launched two Safer-financed venture clusters, now open for co-investment: Intelligent Infrastructure and Climate Infrastructure. Revenue-based repurchase payments may begin...
13 min read

The Future of Venture Capital: Rethinking Startup Fundraising in 2026

John Cowan: Mar 9, 2026

Executive Summary This whitepaper argues that early-stage fundraising in 2026 is no longer a cyclical “tight market” but a structural breakdown of the staged venture model. Mega-fund concentration...
7 min read

JPMorgan's $1.5 Trillion Plan and the Financial-Industrial State

John Cowan: Oct 21, 2025

America quietly shifted from building public assets to backstopping private balance sheets. JPMorgan's $1.5 trillion initiative is the latest proof. If taxpayers underwrite the foundation, they...
13 min read

Trump's $100k H1B visa: big tech wins, startups lose

James Thomason: Sep 20, 2025

The presidential proclamation instituting a $100,000 fee for new H1B visa petitions represents a structural break in U.S. high-skilled immigration policy. This analysis concludes that the policy will...

Stay informed

Subscribe for select insights

Select insights and analysis on autonomous technology, venture capital, and the companies building what comes next. Substance over frequency. Unsubscribe anytime.

Subscribe for free

Network membership

Full research access, co-investment deal flow, quarterly portfolio briefings, and a peer community of thesis-aligned investors who measure in decades.

Learn about the Network