Markets
NEA's Tiffany Luck: Vertical AI Moats Are Built Through 'Last Mile' Artifact Delivery, Not Model Scale
NEA partner Tiffany Luck, who invests in the AI application layer and B2B SaaS, argues that durable vertical AI moats come from solving the 'last mile' — delivering finished work artifacts rather than raw AI capabilities. Her thesis: startups using forward-deployed engineers to identify workflow holes and build purpose-built product flywheels create moats that general models can't replicate through scale alone. Portfolio company August (legal due diligence) exemplifies the pattern — the AI doesn't just assist, it delivers a completed artifact, making ROI undeniable and switching costs structural.
↳ Follow the thread