Sebastian Mallaby is the Paul A. Volcker senior fellow for international economics at the Council on Foreign Relations, a contributing columnist for The Washington Post, two-time Pulitzer Prize Finalist, and New York Times best-selling author. His most recent book, The Power Law: Venture Capital and the Making of the New Future, chronicles the history of the industry, and his key takeaways serve as the perfect conclusion to our mini-series.

Our conversation starts with his career as a writer and how he approaches writing books. We then dive into the origins of the venture industry, foundations of early-stage investing, and critical success factors. We dissect different ownership structures, the importance of mentorship, competition, the current pace of capital deployment, and venture capital abroad. We close discussion the industry’s gender gap, challenges to future success, and thoughts on Sebastian’s next project.