It's been a few months since we wrote to you all. We've been spending a lot of time on EntryThingy, revitalizing and re-launching the business after doing a full front-end and back-end rebuild.

We spend a lot of time thinking about artificial intelligence and how it relates to Third South Capital. Here's how that thinking shapes the way we actually run the business:

1. We keep the core team small (currently four of us)
2. We write 100% of our own code. We don't outsource any technical or product work
3. The value of codebases continues to drop (as the cost and time to build decreases), so competitive advantages must be built elsewhere

Our strategy hasn't changed. If anything, after several months heads down on our portfolio companies, we believe more and more that a small team like ours can move mountains. We just need to have the right focus, tooling, and grit. Where to spend our collective time is something we discuss as a team every day.

We have slowed down our acquisition efforts in favor of investing more in our existing businesses, especially EntryThingy. We expect to pick back up acquisition efforts towards the end of the year, even though we believe a significant opportunity exists to provide real value to the art world through our work.

However, if you know of a software company looking to transition to new owners, please introduce us: hi@thirdsouth.capital

Our Partners have also been writing about what we're learning. Some favorites from the past month:

• Justin: Maturing Your Support Function Past a Single Engineer
• Justin: How LLMs Change My Codebase
• Myles: Ignoring the Infinite Canvas
• Myles: Every Tool We're Keeping, Killing, and Replacing with AI

These essays were inspired by conversations with you all (we're always delighted when you respond to these emails). We'll have plenty more to share later this year, on both EntryThingy and on the acquisition front.

As always, reach out with any questions, comments, or thoughts.

Best,
Colin, Harrison, Justin, and Myles