134. Retail technology from the investor's perspective

AI is making it easier than ever to build new technology, but also harder to know which companies will still matter tomorrow. In this episode, I speak with Miguel Bagulho, Investment Director for Retail Technology at Bright Pixel Capital, the technology investment arm of Sonae, about how investors identify startups with real long-term potential in such a fast-moving market.

We explore what makes retail technology defensible, why solving a measurable business problem matters more than the technology itself, and how retailers should approach the decision to build or buy. Miguel also shares where he sees the biggest opportunities ahead, from AI-native software and robotics to the technologies transforming pricing, inventory, procurement, and supply chains.