For four years, we've hosted The Drop—our massive, crazy event. Every year, it tells us about the world and what is on people's minds—well, investors' minds anyway. I'll get back to that.

But, why do we add an event to the mix?

Well, frankly, because we want to change the scene.

Most events are all about money. Anyone (who can pay hundreds of Euros) can come, as it is all about quantity. This is great because anyone with cash can come, but it also means that most people there are there to sell you things. The Drop is invite-only, which isn't "fair," but it means that as an attendee, everyone is interesting!

Most events have a clear divide between the have-and-have-nots - stages, investor lounges, green rooms, etc. At The Drop, we don't. There is one big floor. Investors host round tables (which we stubbornly call "Ripples") where anyone can attend and pick up a microphone. The point is that we want people to meet and discuss!

The strangest thing about The Drop is that it is arranged by the community! We have invited, approved, listened to recommendations, and hunted down people we love to come—and those people have set up a hundred (yes, 100!) Ripple round tables, 40+ side events, and 10+ (secret) dinners and drinks.

We don't have speakers, panels, or pitch stages. We don't have meeting apps. We don't have big sponsors on stage. And, as the event is running at a break-even, we charge everyone who’s coming.

So, what is on all of those investors' minds?

Four big themes are emerging this year:

- The corporates and corporate venture firms: what role do they play and how to play with them

- Energy: The grid, scaling base-load, energy storage, and cybersecurity.

- AI and Data Centres: The promise and the new energy load

- New reality: Defence, Dual Use, and "Resilience"

- Nature & People: Food security, biodiversity, and water

It is also telling that previous years' big topics of CDR or carbon credits are still there, but now are about supply chains and risk. And, before, there were a lot of talks about AltProteins and Labgrown-X. Less of that now. And, there were no suggestions of “Crypto and Climate.” That boat might have sailed, or will be back in new shape.

One thing is clear: people are interested in “building things” and worried about geopolitics.

And, yes, it is still "climate"

This year, it is evident that the word "climate" isn't as fashionable, but the topics are the same underneath. Some people call it "resilience," some "adaptation," and some go directly to "Logistics," "Manufacturing," or "Supply Chains."

We said during the fall that we don’t see ourselves as a “climate fund” because the word for most has come to mean “suck down carbon and save the planet.” This takes the focus away from what climate is - it is a macroshift, a fundamental change in reality, not a singular “investment thesis.”

It doesn't matter if people rebrand; climate change will rewrite the future. What we can do is choose our role in that—do we want the future to happen to us or to "happen to the future?"

This shift will change every industry we know. And, new industries will be created. Conflicts and tension will rise. Innovations will be made. The world will change.

The word "climate" might piss off your friends or constituents, but I want to be frank: trying to avoid the discussion is childish. It is like pretending you don't age by signing up for plastic surgery.

Maybe investors don't get excited by the word anymore - explain to them that you don't have a saviour complex to save the world, but are excited to build things that we "need" instead of another thing we "want."

At Pale blue dot, we think a lot about people, leadership, and the future, and we find that the best way for us to immerse us is to invite them all - talk, run, swim, sing, and dance - and at the end of the week, everyone will trust each other more, and we can get back to work.