Rethinking venture capital
New models for finding founders, backing startups and accessing venture portfolios.

Venture capital is changing how founders get started, how investors find opportunities and who can access venture portfolios. Y Combinator helped establish the accelerator model; EF backs talent before a company exists; creator-led firms bring audience insight and distribution alongside capital. This map connects those approaches with systematic investing, founder-friendly financing, fund access, secondaries and investment infrastructure.

Select an organization for its model, access and liquidity details.

Selected Series B pro-rata
Index-linked late-stage portfolios
Data-selected angel co-investment
Open applications · standardized Series A
Fund selection and access vehicles
Deal-by-deal syndicates
Fund and SPV operations
Ownership records and custody
Tokenized issuance and registries
Staged, evidence-led investing
Equity with optional dividends
Managed venture funds
Employee option financing
Accelerators and batch investing
Talent before company
Creator-led venture firms

Pioneers of new venture models

2005 · Y Combinator: the accelerator pioneer

YC funded its first batch of eight startups in 2005. Open applications, a standard investment, advice, a peer group and Demo Day made very early-stage investing a repeatable program. It helped establish the modern accelerator model and a new route into venture capital for founders.

YC cofounder Jessica Livingston on the first batch · What happens at YC

Yuri Milner / DST · founder-friendly growth financing

DST invested $200 million in Facebook in May 2009 without a board seat or special observer rights. It also proposed buying at least $100 million of employees’ vested shares. The combination provided growth capital and a route to shareholder liquidity while leaving board control with the existing team.

Facebook announcement · 26 May 2009

Yuri Milner + SV Angel · Start Fund

Start Fund offered $150,000 in convertible debt to each company in a Y Combinator batch in January 2011. Conversion in a qualifying equity round had no valuation cap or discount. This batch-wide offer is an early example of systematic co-investment, separate from DST’s growth strategy and from an investable whole-market index.

Yokum Taku’s review of the terms · 31 January 2011

2011 · EF: talent before company

Founded by Alice Bentinck and Matt Clifford, Entrepreneur First moved the starting point earlier: select individuals before they have a company, help them find a cofounder and test ideas, then invest in the resulting startups. EF makes company formation part of the investment process.

EF: investing in talent · EF: how the program works · Dealroom investor profile

46 organizations. Forge, AngelList and OurCrowd appear in two categories for distinct offerings and are each counted once in Stats. Last checked 2026-09-24.