LA Tech Week, the summer sequel, is more polished but some of the sizzle is gone

March Capital hosted a fintech event at LA Tech Week in Santa Monica. Ben Bergman/Insider

• Unlike most tech conferences where tickets cost thousands, Tech Week is mostly free and open to anyone.
• How much deal flow comes from the endless schmoozing remains unclear. 
• Several people who a16z’s opening party said it was noticeably quieter and less crowded than last year.

On the second day of LA Tech Week, an early stage venture investor who wished to remain anonymous was driving his SUV along Santa Monica Boulevard, marveling at how many thousands of mostly young startup founders and investors had descended on the city to work their way into more than 300 panels and parties.

Asked what event he was most looking forward to, he replied: “Oh, I’m flying off to St. Barths tomorrow…”Most GPs [general partners] are in their 40s and have better things to do.”

If last year’s hastily arranged LA Tech Week served as venture firm Andreessen Horowitz’s LA coming out party, this year’s version – taking place just 10 months later – served as the more polished but lower energy summer sequel.

Several people who attended Andreessen’s invitation-only opening party Monday night said it was noticeably quieter and less crowded than last year (The firm does not allow journalists to attend its events.)

Still, most of the people in LA for Tech Week would not have gotten in to the exclusive event and were more than happy to go to the hundreds of other events around the city morning until late at night – from an investor tennis tournament, to a Hollywood speed mixer, to a founder wellness day, to penthouse after parties.

Unlike most tech conferences where tickets cost thousands of dollars, Tech Week, which concludes Sunday, is mostly free and open for anyone to attend or even host their own event.

“I think it’s really interesting that it’s everywhere, but it’s nowhere,” said Drew Glover, a general partner at Fiat Ventures.

Glover, sitting on a rooftop bar overlooking Venice beach took a sip of beer and finished his thought; “You’re not actually going to a conference, but it’s this week of all these different events. I think what we like most about it is you you make this week what you want it to be.”

The LA Tech Week kickoff party in Pacific Palisades hosted by Crosscut and 75 & Sunny. Ben Bergman/Insider

How much deal flow comes from the endless schmoozing remains unclear.

“Our job is to always be looking out for great talent, so if we meet great founders in the various events, we’ll definitely have a follow up and sit down and have a conversation,” said Gabe Greenbaum, a general partner at B Capital. “But the intent is sort of multifaceted. It’s to understand the trends, catch up with folks, think through some themes, and make some new relationships.”

Mostly gone unsaid was the dismal state of the tech market, which has worsened considerably since last year’s Tech Week; Down rounds and layoffs do not make for great cocktail conversation.

“The bar is really high right now and a lot of people are not going to make it,” said Jeremy Milken, a general partner at Watertower Ventures, speaking on an emerging managers breakfast panel.

Sophia Amoruso hosted a party in Venice for the launch of Trust Fund, an early-stage consumer-focused venture fund. Ben Bergman/Insider

One of the toughest events to get into was a Mezcal-fueled party hosted by Sophia Amoruso, the creator of Nasty Gal and GirlBoss, to celebrate the launch of her new consumer-focused early-stage venture fund, called Trust Fund, at a Venice Mexican restaurant. Cocktails included the Sugar Baby, Inheritance, and Silver Spoon.

For most of the night, Amoruso had been trying to rev her guests up to take to the dance floor but shortly after 10 pm she climbed on a table and told them it was time to go home.

“I need to go to sleep,” Amoruso said. “We need to work tomorrow.”

Guests put down their drinks and scanned their phones to look for the next event. There were plenty to choose from.