Can an AI pick the next unicorn?

Beyond Algorithms: Why Human Intuition Still Reigns in Venture Capital

Thomas Seal, Bloomberg’s Vancouver Bureau Chief, moderated a Web Summit Vancouver 2026 panel with Benjamin Narasin (Tenacity Venture Capital), Joanne Chen (Foundation Capital), and Jim Adler (Toyota Ventures). The discussion focused on AI’s role in venture capital, particularly whether it could replace human investors and its current industry impact.

Mr. Narasin uses AI as a “virtual associate” for research, noting its efficiency for tasks previously handled by human staff. Ms. Chen’s Foundation Capital leverages AI for top-of-funnel activities, including daily briefs, meeting summaries, tracking potential founders across platforms, and scoring accelerator applications.

Mr. Adler of Toyota Ventures described AI as “unburdening” human tasks, aligning with Toyota’s “automation with human touch” philosophy. AI aids in top-of-funnel work, meeting preparation, and identifying market contenders. However, all panelists agreed AI lacks crucial human elements like “taste,” “trustworthiness,” and established industry “ties.”

Mr. Adler emphasized that AI frees human investors to focus on strategic “so what” questions, requiring nuanced judgment and human connection. Mr. Narasin highlighted that AI, despite its intelligence, lacks wisdom and memory, crucial for investment decisions. He stressed the importance of human networks for securing follow-on funding, a role AI cannot replicate.

Ms. Chen’s research, “The Great Reorg,” identified four enduring human roles: Chief Accountability Officer, Human Relationship Expert, System Architect, and Validator. These roles emphasize human oversight, emotional intelligence, and verification. The panel also underscored the irreplaceable “gut feeling” in investment, a subconscious synthesis of lifetime experiences and subtle human cues, which AI cannot currently process.

Ms. Chen noted that some portfolio companies are replacing human teams with software for back-office tasks, yet new human roles like validators and salespeople are emerging. Mr. Adler and Mr. Narasin pointed out that AI can address labor shortages, citing examples like Toyota’s manufacturing and Hippocratic AI’s digital nurses augmenting healthcare without replacing human staff.

Mr. Narasin concluded by stressing the human need for legacy and apprenticeship. He argued that relying solely on AI would hinder the training of future leaders, as AI cannot be promoted or inherit the nuanced, relationship-driven aspects of venture capital. The discussion ended with speculation on AI developing human-like feelings or consciousness, a distant prospect.