I love to read. I love Venture. So, when Simon and Sabrina mentioned their new book to me, I wanted to get my hands on it.

And so now, we have the first book launch coverage on Embracing Emergence!

I have known Sabrina and Simon ever since they started building Omni Ventures. Our relationship exceeds Venture Capital. Ironically, part of Venture Capital is to build relationships that go beyond Venture Capital…

As Limited Partners we live or die by our convictions. We don’t have fast external feedback loops. We make decade-long decisions without constant validation. It stresses me out. It oftentimes scares the s**t out of me.

But one thing I can do is to shorten my feedback loops by exposing my own ideas to the probability of being wrong. It’s a crucial element of being an LP. We have to relentlessly find out if we are wrong.

One area we form convictions around is about specialists vs. generalists. Not all of us are neutral. Oftentimes it’s a “depends” kind of area.

So, here is why you should read this book: Sabrina and Simon are exploring what makes a General Partner and a firm truly “Niche”. In their point of view, it’s more than industry expertise. It’s more than discipline in a certain stage and sector.

I would invite us to read this book for the sake of curiosity. For the sake of challenging our own assumptions. To create internal friction and to remain creative and thoughtful in our investment practice.

Sabrina and Simon have built their firm Omni Ventures entirely on the Sydecar platform.

Sydecar is the go-to platform for emerging VCs to manage both their SPVs and funds. They are on a mission to make private markets more accessible, transparent, and liquid by standardizing how investment vehicles are created and executed. Sydecar’s powerful software allows Emerging Managers to launch SPVs and funds instantly, track funding in realtime, and offer hassle-free opportunities for early liquidity.

Click here to reach out to their team via the exclusive link for our community.

Benedikt: Ultimately, this book is not a thought experiment. It’s very reflective of the path both of you have chosen to travel on as Emerging Managers. So, I want to start with the question that typically would be a great question to end our conversation with, in hopes that we get a glimpse into how important this book has been on your personal journey as Emerging Managers.  

Has there been an element you are exploring in your book that changed how you think about the distinct value and thesis you are executing on with Omni that you only discovered through writing the book? Has there been anything you did or thought prior to writing the book that you now changed your mind on?

Sabrina: There’s a lot we could dive into here. One of the things that really caused us to reflect deeply is the framework of Mastery × Focus × Network. Simon and I developed this after asking ourselves: what has actually driven our growth and helped us identify opportunities that feel truly unique relative to the rest of the industry? We kept coming back to those three concepts.

As we researched and looked back at the history of other successful funds, we kept asking: were those funds also defined by this same formula? The more we examined, the more we realized this framework seemed to be universal. And given where we are today in the venture cycle and the macro environment, it feels incredibly topical.

What started as our lived experience, the things we had found to make us successful, became something we saw echoed in past successes, and we believe it’s replicable going forward as well.

Simon: We even explored different titles for the book around this idea. For a while, I was half-jokingly trying to convince Sabrina that we should call it The Return of the Niche VC and put a Star Wars emblem on the cover. But the point is, venture as an asset class began niche. Over time, it has gone through waves of boom and bust, and equally, waves of niching and commoditization.

The most recent wave people are familiar with came with the rise of SaaS. SaaS made the asset class grow so much that it led to the rise of mega-VCs and a democratization of access to venture. Becoming a GP became cheaper and more accessible than ever.

There are pros and cons to that. The pro is obvious: more people have access to the asset class. The con is also clear: now everyone has access, and what was once considered niche — having strong mastery, focus, or networks — no longer really qualifies. And that’s what we’re getting at in the book: we believe there’s a renaissance of niche happening right now.

Benedikt: You wrote this book while also being in the height of fundraising, traveling, already deploying checks, managing LP relationships, etc. Why was writing this worth your time and not a distraction from raising your fund?

Simon: I’m the ideas person, the divergent thinker. I’m always coming up with things like, “We should be on more podcasts,” or “We should write a book.” When I first brought up writing the book, Sabrina’s reaction was, “Great idea… for the next two years.” And I said, “No — if we want this to be most impactful, it should come out right around our final close.”

The timing mattered. Even being nearly oversubscribed, the release would coincide with the announcement of our fund and create momentum. Momentum is everything in venture.

One of my biggest lessons as both a founder and now as a VC has been: when you have traction — an anchor LP, a term sheet, a clear win — that is not the time to relax. That’s the time to double down and build even more momentum. It’s the snowball effect. So my view was: if September was already going to be crazy, why not add this book release on top of it? The network effect and the chatter around Omni would be that much stronger.

Sabrina: Simon convinced me with that argument. The best time to add fuel is when you’re already moving. And yes, it was a lot of work, while also deploying capital, managing LPs, traveling, and closing out our fundraise, but it was also the right time to pause and reflect.

Writing forced us to articulate clearly what had actually made us successful so far, and it helped us double down on those things as we closed out the raise and looked toward future funds. It wasn’t just about marketing or momentum — it was also about building clarity for ourselves in real time, while we were in the middle of it all.

Benedikt: To dive deeper into what you are exploring with your writings, I want to start with the title of your book. There are two words you are ascribing an intrinsic connection to: Niche & Alpha. 

As Limited Partners, we are always on the lookout for where returns will be coming from in the next decade. And as Emerging Managers, you always have to find an edge to deliver exponentially better returns - the returns that are worthy of Venture Capital. Your book is exploring exactly this convergence between GPs and LPs.

All you have to do is read the title of your book to know that you believe the returns in Venture aren’t found in the crowds. 

Now, immediately, most Venture Capitalists will start agreeing with you: you have to be non-consensus and right to generate alpha (at least at the early stages). 

But you are being far more specific than simply calling it “non-consensus” by forming a framework around what makes someone “Niche”. When you started Omni, did you already have this conviction that there is more to generating alpha than just being non-consensus and right?

Simon Lancaster: First, I really appreciate the thoughtfulness around the title. Niche & Alpha was one of the very first titles we came up with. At first, we treated it as a working title. We kept telling ourselves, we’ll find something better. We bounced between ideas like The Return of the Niche VC or The Rise of the Niche VC. Eventually, we settled on Rise because it felt less confusing, but the conviction behind it was there from the start.

For us, this wasn’t just about being “non-consensus and right.” Consensus is a concept we do touch on in the book, but our focus is more specific. We wanted to define what actually creates an edge in venture, and that’s where our framework — Mastery × Focus × Network — comes in.

Sabrina: Exactly. The idea of being niche is more actionable than just saying “be non-consensus.” Through our journey, we realized that mastery, focus, and network aren’t just abstract qualities, but that they can be intentionally built.

When we started Omni, we had strong mastery from our engineering and operating backgrounds. We began to develop focus, and over time, we learned how to build and plug into the right networks. Looking back, that evolution showed us that “niche” is more than contrarianism: it’s about creating a structured, replicable formula for alpha.

Simon: And that’s really the point. Anyone can try to be contrarian. But being niche, combining mastery, focus, and network in a way that compounds, that’s where the edge comes from. And yes, we had the conviction early on that this mattered more than simply being non-consensus. Writing the book just crystallized it.

Benedikt: You talk about the importance of owning and dominating, a niche market. Not only as a founder, but also as an Emerging Manager. 

Sometimes, these micro-monopolies get established over time. But they can also take over suddenly and come into a market in powerful ways.

One way I have seen you both come into the LP-market in more powerful ways than other GPs is through your ability to leverage your network. 

Would you say that some of the aspects that shape your definition of “Niche” are more powerful in the short term than others? Any general advice to Emerging Managers who are just setting out on what element of “Niche” to focus on in the beginning?

Sabrina: When we think about niche, we always come back to our formula: Mastery × Focus × Network. For us, the journey started with mastery. That came from our engineering and operating backgrounds. Focus came next. And it sharpened significantly after working with Coolwater, which really pushed us to refine our financial discipline and deployment strategy. Network was the third piece, and that’s where we saw the most acceleration.

Early on, we had mastery and some focus, but we didn’t leverage our network the way we do now. Over time, we learned that network isn’t just about meeting people. It’s about building trust and creating what Simon calls a “surface area of luck.” It’s connecting the right people at the right time without an immediate ask. That’s what compounds into something powerful.

Simon: I agree. When we started, we had almost no network in venture — we were actually at a disadvantage. But building and leveraging our network became one of the biggest accelerators for Omni.

That said, it really depends on the manager. Some people start with mastery; others start with network. What matters most is not trying to max out the one thing you’re already strong in, but instead bringing up your weaker pillars.

Sabrina: So, for new Emerging Managers, my advice would be: reflect honestly on where you already have strength — mastery, focus, or network — and use that as your anchor. Then be intentional about growing the other two. The power of “niche” isn’t in just one element, but in how the three multiply together.

Benedikt: In your book you say: “Venture capital has drifted off course. In the rush to grow, many firms have sacrificed focus for scale and conviction for consensus.”

Can you share your thoughts on why you believe that the Niche VC will have an edge over the Venture model that has lost it’s course? You mention the ability to win deals, drive returns quicker, appeal to founders - can you expand on these advantages that Niche VCs have in your opinion?

Simon: We’ve seen firsthand how venture has drifted. As firms scaled, many traded away focus for breadth and conviction for consensus. The result is a model that struggles to generate true alpha.

Niche VCs have an edge because they aren’t trying to be everything to everyone. Smaller, more focused funds can win deals precisely because they bring differentiated value. Founders can tell when an investor deeply understands their space and can plug them into a relevant network immediately. That kind of credibility wins trust — and access — faster than brand alone.

Sabrina: Exactly. Being niche also lets you move quicker. With smaller fund sizes and a sharper strategy, you can make decisions with more conviction. You don’t need layers of hierarchy or endless committee discussions. That speed matters — to founders and to returns.

On the returns side, focus and discipline force you to be intentional with ownership and entry valuations. For a microfund, you can’t afford to “spray and pray.” You need to know exactly how you’ll generate the multiples required to return the fund. That rigor gives niche funds an advantage over larger firms that often rely on deploying capital at scale.

Simon: And I’d add: in today’s environment, being niche actually appeals to LPs as well. They’re looking for managers who can cut through the noise, win competitive deals, and show a path to alpha that isn’t just “follow the crowd.” In that sense, the renaissance of niche is both founder-led and LP-driven.

I’ve bought my own hard copy. If you’re interested in getting the book, you can find it here (and no, I am not incentivized to share this):