Investing in a fragmented world

Navigating the New Global Landscape: Venture Capital Strategies in a Fragmented World

The Web Summit Vancouver 2026 panel, moderated by Deals Reporter Ms. Lucinda Shen, explored how geopolitical shifts impact venture capital. General Partner Ms. Karen Page (B Capital), Founder Mr. Tim Draper (Draper Associates), and Managing Partner Mr. Terry Doyle (TELUS Global Ventures) discussed global investment strategies and perspectives on market fragmentation.

Ms. Karen Page noted B Capital’s global mandate, with investments currently 65% in the US and 35% internationally, driven by opportunistic market analysis. Mr. Terry Doyle stated TELUS Global Ventures, in its 25th year, allocates 60% of its portfolio to North America, with the remainder globally, seeking the best talent and problems to solve.

Mr. Tim Draper detailed Draper Associates’ use of the Draper Innovation Index to rank countries for innovators. He cited past success investing in socialist countries transitioning to capitalism, like China and Eastern Europe. However, he revealed a recent shift from 50/50 US/international to 90% in the US and 10% abroad.

Mr. Draper attributed this shift to political leadership, citing President Xi in China and perceived socialist trends in California, which he believes stifle entrepreneurial freedom. Ms. Karen Page countered that Silicon Valley’s strength is rooted in robust education systems, talent, and established founder support, transcending immediate geopolitical concerns.

While COVID-19 dispersed talent, Ms. Page observed a strong return to core hubs, impacting global entrepreneurism. New global investment centers emerged as slowed venture returns increased Limited Partner (LP) influence, leading funds to establish regional offices, particularly in the Middle East, to foster local innovation.

Mr. Terry Doyle clarified that TELUS Global Ventures’ investment decisions align with TELUS’s business presence across 130 countries. Managing $1 billion, they invest $100 million annually to advance product roadmaps in digital health, agriculture, and smart technologies, identifying arbitrage opportunities. Mr. Tim Draper criticized Qatar’s 51% local ownership rule as a deterrent.

Mr. Draper lamented the fragmentation of a once-open global venture network, suggesting political interventions re-established borders, disrupting free trade and innovation. The panel also addressed COVID-19’s impact. Mr. Draper controversially linked pandemic policies to various health and psychological issues, while Ms. Karen Page acknowledged the rise of mental health startups.

Mr. Doyle noted the pandemic exposed critical vulnerabilities in global supply chains, prompting investments in energy alternatives like small nuclear power and advanced batteries. On Artificial Intelligence (AI), Ms. Karen Page optimistically predicted AI would not diminish job numbers but instead create new roles by enhancing human productivity. Mr. Terry Doyle emphasized “sovereignty without scale is theater” and “scale without trust and accountability is terrible,” highlighting TELUS’s focus on trust and governance in AI.