Execution project pitches must lead with ROI, not need - Nordic Game 2026's VC reality check
Summary
Nordic Game 2026's VC panel exposed a structural mismatch: developers still pitch funding as a need, not an execution project with a return thesis.
Griffin Gaming Partners' $100M revenue-share fund targets AA titles abandoned by equity investors lacking exit paths.
Compounding headwinds - a hardware plateau, back-catalog price compression, and Chinese studios' self-sufficiency - are narrowing margins industry-wide.
"No one cares that you need money. They're there to back opportunities."
01
Della Rocca's thesis: the pitch itself is the first failure point
Execution Labs' co-founder argued most pitches fail because developers lead with burn rate, not market opportunity.
Grant culture and publisher-advance norms have trained studios to speak a language VCs do not reward.
An execution project pitch must center ROI mechanics and market fit.
"Their job is not to help you because you need money. They're there to back opportunities."
02
The exit drought undermines even the best pitch
Makers Fund's Walter Paleari stated PC and console acquisitions have fallen materially in recent years.
Without buyers, pure equity investment produces no exit and no return.
"If there are no buyers for the company for pure equity investment, there's not an exit."
"Pitch better" is necessary but not sufficient when the M&A market is structurally impaired.
03
Griffin's $100M project fund decouples returns from exits
Griffin Gaming Partners' Special Opportunities Fund targets AA titles self-published by strong teams.
The fund takes revenue share, not equity - no acquisition event required for payback.
Around 16 titles backed so far; $100M is roughly 6% of Griffin's $1.6B games allocation.
Makers Fund signaled it is actively considering the same model.
"There were some incredible amounts of value to be captured inside that space."
04
Three structural headwinds with no near-term resolution
Hardware upgrade cycles no longer drive meaningful demand spikes.
"The industry is kind of running out of ideas to create new technology for video games."
New releases now compete with high-quality back catalogs at lower price points.
Chinese publishers have moved from market entrants to full competitors who no longer need Western partners.
05
Self-publishing as default posture, not fallback
Strategic Alternatives' Tim Campbell urged studios to assume self-publishing from day one.
Traction built independently validates the execution project for investors and reduces publisher dependency.
"You can be cancelled and terminated at any moment. If you don't have your beautiful corner maintained, ready to drop into sales mode at any time, you're not prepared for the future."
"The old model doesn't work anymore. It's inherently broken."
Events
Companies
Games
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Locations
China
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