Geopolitics Are Changing. Venture Capital Must, Too: As we shift away from the unique conditions that fueled global growth for the past 30 years, investors will need more capital -- and more patience.

The article focuses on how shifting geopolitical dynamics, marked by the decline of American hegemony and the rise of great power competition, are transforming the global economic landscape and necessitating a new approach to venture capital (VC). This emerging era of "re-globalization" emphasizes balancing globalization with national resilience in critical industries such as semiconductors, biotech, energy, and healthcare, requiring larger capital commitments, longer investment horizons, deeper governance, and greater collaboration. Traditional VC models, which favored rapid scaling and quick exits with limited oversight, must evolve to support complex, long-term innovation that addresses systemic challenges and aligns more closely with societal outcomes. The article argues that embracing these changes offers venture capital an opportunity to build enduring companies and contribute to a re-architected global economy.