{"product_id":"modern-merchant-julian-sperring-toy-9798290807720","title":"Modern Merchant: Why the Future of Innovation Capital Looks a Lot Like Its Past","description":"\u003cp\u003e\u003cb\u003eVenture capital didn't collapse. Trust did.\u003c\/b\u003e\u003c\/p\u003e\u003cp\u003e\u003ci\u003eModern Merchant\u003c\/i\u003e is a structural teardown of the innovation economy - and a blueprint for what must come next.\u003c\/p\u003e\u003cp\u003eFor decades, venture capital has performed progress while eroding the very mechanics that once gave it meaning. Liquidity vanished. Accountability dissolved. Founders became performers. LPs became hostages. And still, the system grew - not through outcomes, but through optics.\u003c\/p\u003e\u003cp\u003eThis isn't a cultural critique. It's a structural one.\u003c\/p\u003e\u003cp\u003eJulian Sperring-Toy - systems architect and founder of the capital design platform Ventariom - dissects the quiet failure at the heart of modern finance: capital that no longer remembers what it funds. In its place, he proposes something rare in business literature: an actual system. One with rules. Memory. Consequence.\u003c\/p\u003e\u003cp\u003eAcross chapters that blend historical insight, design logic, and institutional clarity, \u003ci\u003eModern Merchant\u003c\/i\u003e offers a radical yet grounded proposal: programmable capital that moves only when milestones are met, redemptions that are built in from the start, and governance enforced by infrastructure - not belief.\u003c\/p\u003e\u003cp\u003eThis is not a book about disruption. It's about repair.\u003c\/p\u003e\u003cp\u003eIf you've ever sensed that today's venture model is drifting toward theater - or felt the cost of building inside a system that rewards story over substance - \u003ci\u003eModern Merchant\u003c\/i\u003e offers the language, logic, and architecture of a better alternative.\u003c\/p\u003e\u003cp\u003eOne where structure scales trust.\u003cbr\u003eOne where capital remembers.\u003c\/p\u003e\u003cbr\u003e\u003cbr\u003e\u003cb\u003eAuthor:\u003c\/b\u003e Julian Sperring-Toy\u003cbr\u003e\u003cb\u003eISBN-13:\u003c\/b\u003e 9798290807720\u003cbr\u003e\u003cb\u003ePublisher:\u003c\/b\u003e Independently Published\u003cbr\u003e\u003cb\u003eLanguage:\u003c\/b\u003e English\u003cbr\u003e\u003cb\u003ePublished:\u003c\/b\u003e 07\/07\/2025\u003cbr\u003e\u003cb\u003ePages:\u003c\/b\u003e 392\u003cbr\u003e\u003cb\u003eFormat:\u003c\/b\u003e Paperback\u003cbr\u003e\u003cb\u003eWeight:\u003c\/b\u003e 1.15lbs\u003cbr\u003e\u003cb\u003eSize:\u003c\/b\u003e 9.00h x 6.00w x 0.81d","brand":"Julian Sperring-Toy","offers":[{"title":"Paperback","offer_id":48997019222271,"sku":"9798290807720","price":19.99,"currency_code":"USD","in_stock":true}],"url":"https:\/\/www.whiterainbookhouse.com\/products\/modern-merchant-julian-sperring-toy-9798290807720","provider":"WR Book House","version":"1.0","type":"link"}