The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch

Andrew Dudum is the Founder and CEO of Hims, the company reshaping consumers relationship to healthcare. It has been a rocky ride over the last 6 months, the company is down 66%, their market cap today is $4.3BN on $2.3BN of revenue. They just bought their largest international competitor, Eucalyptus for $1.5BN. AGENDA: 00:00 — Why Being Public Is Better Than Private 02:50 — My Advice to The Collisons on Taking Stripe Public 07:15 — How to Hire for the Most Gritty People: The Test 10:55 — How AI Will Reshape All of Customer Acquisition 15:30 — What Did Hims Do That Andrew Wishes They Had Not Done 20:15 — What is the Least Profitable but Most Important Hims Product 27:10 — The $1.5BN Acquisition: Why Hims Bought Their Biggest Global Competitor 33:45 — Why Brand Marketing Beats Performance Marketing 39:40 — The Future of Prevention: Why Your Next Blood Test Should Be Free 46:50 — Disrupting the PBMs: How We Are Breaking the Corrupt US Healthcare System

AGENDA: 00:00 — Anthropic's Monster Month: 6 Billion in February Revenue 04:30 — The "Claude Mythos" Leak: 10 Trillion Parameters 11:50 — OpenAI Kills "Sora": A Massive Strategic Own Goal? 14:30 — OpenAI Hits $100M in Ads: Why OpenAI Must Make Ads Work 20:50 — Masa Son's $40BN Bridge Loan: Investing More Into OpenAI 21:50 — Cybersecurity Stocks Tank: Is the Anthropic Panic Justified? 27:10 — The Golden Age of Cyber: Why AI Agents are a "Golden Goose" for Security 31:30 — Gross vs. Net: The Truth Behind AI Revenue Accounting 34:50 — The "Vibe Coding" Era: Reselling Tokens and Triple-Counting ARR 41:00 — Oura Going Public & Whoop Raises $500M at $10BN Valuation 49:50 — Epic Games Layoffs: The Reality of the Attention Economy 52:40 — The Manus Scandal: Founders Trapped in China After Meta Deal 59:00 — The Billionaire Tax: Why the Golden Geese are Leaving California 01:03:20 — Do VCs Actually Add Value? The Ron Conway vs. Matthew Prince Spat

Marc Andreessen is a Co-Founder and General Partner at Andreessen Horowitz. The firm now manages over $90BN and has invested in the likes of OpenAI, Airbnb, Coinbase, Anduril and many more. Marc is an innovator and creator, one of the few to pioneer a software category used by more than a billion people and one of the few to establish multiple billion-dollar companies. Marc co-created the Mosaic internet browser and co-founded Netscape (sold to AOL for $4.2 billion). He also co-founded Loudcloud, which as Opsware, sold to Hewlett-Packard for $1.6 billion. AGENDA: 05:00 — Why Introspection is Overrated: The Dangers of Learning from the Past 08:00 — The One Trait Marc Andreessen Looks For in Every Founder 14:30 — Are the Best Founders Broken? What Makes the Best Founders? 16:00 — "Extreme Ownership": Why Everything Being Your Fault Changes Everything 19:00 — "Do You Read the Comments?" Fame, Criticism & How to Deal with Haters 26:00 — Is Venture Now Go Big or Go Home? The Real Future of VC 30:00 — Does Price Matter Anymore? The Dangerous Truth About Valuations 33:00 — "Stop Chasing Diamonds in the Rough": Why Most VCs Get This Completely Wrong 36:00 — Do You Actually Need to Like Founders? The Uncomfortable Answer 40:00 — Are Companies 75% Overstaffed? The Most Controversial Take on Hiring 45:00 — When Will a16z Go Public? 50:00 — Why Labour Displacement Theory Around AI is Totally Wrong 55:00 — Why Silicon Valley Is More Dominant Than Ever? 01:00:00 — Why a16z Invested $300M into Adam Neumann 01:05:00 — What Still Drives Marc Andreesen? 01:10:00 — What is the Biggest Mistakes VCs Still Make Today?

Gili Raanan is the Founder of Cyberstarts, one of the best performing venture funds of the last decade. He is famed for being the seed investor in Wiz, Islands and Cyera, leading to multiple 10x+ funds. He has the only remaining monopoly in venture; cyber security in Israel. If it is good, Gili sees it, it is that simple. AGENDA: 00:00 — Does the Venture Business Even Work Anymore? 05:58 — The Insane Rise of $150M Seed Rounds! 08:58 — Will Mega Funds Ever Actually Return Venture Economics? 11:13 — How Do You Value Companies Growing at Impossible Speeds? 14:50 — The Truth About Growth: Why Most Companies Eventually Plateau 18:50 — Do Margins Still Matter in the Age of AI? 24:32 — How To Make Mega Money in the World of Secondaries 28:11 — What Are Core Misalignments Between GPs and LPs That No One Discusses? 37:57 — Quick Fire: Best Investment, Most Memorable Founder, Investing Icon

AGENDA: 05:00 — Anthropic vs. OpenAI: Who Is Actually Winning the Enterprise War? 07:55 — "Air of Desperation": Is OpenAI Losing Its Invincibility? 18:00 — SpaceX at $2 Trillion: Elon's Insane Plan to Build Data Centers in Space 29:00 — Jeff Bezos' $100 Billion Fund: The End of "Doing It the Hard Way" 34:00 — The $20 Billion "Acqui-hire": The Groq Deal Broken Down 40:40 — Figma's Death Spiral? Why the Markets Are Terrified of AI Disruption 56:00 — The Broken VC Math: Why You Need $1BN To Do Series A 01:04:00 — Win or Die: The Terrifying Reality of the Unicorn "Dead Zone"

Matthew Steckman is the President and Chief Business Officer of Anduril. Matt played a central role in securing the $20BN contract Anduril just won with the US military. Prior to Anduril, Matt served as Chief Revenue Officer for Zipline. Before Zipline, Matt held several leadership positions at Palantir. AGENDA: 3:45 — Anduril's $20BN Army Contract Broken Down 6:30 — What Do Most Defense Founders Get Completely Wrong? 9:15 — Can You Build a Billion-Dollar Defense Company Without the US? 12:05 — Why Government Contracts Are Brutal (And Why Most Fail) 15:40 — How Does Anduril Predict Wars 5–10 Years Before They Happen? 18:20 — Why Cyber Warfare Is the Most Dangerous Battlefield No One Understands 23:50 — Why There Will Only Be ONE Winning Drone Company 28:10 — How Anduril Decides Where to Deploy $100M+ Product Bets 35:20 — What Would Anduril Buy If They Had an Unlimited Checkbook? 41:10 — Why Anduril Must Go Public 45:00 — Quickfire: The Future of War, VC Mistakes & Career Advice

Shaunt Voskanian is the CRO @ Figma, where he has scaled the sales machine to over $1BN in ARR and over 400 people. Prior to Figma, Shaunt was Senior VP of Global Sales at Datadog where he scaled the revenue org to $1BN in ARR. AGENDA: 04:33 - Are Great Sales Leaders Born or Trained? 06:55 - In a world of PLG, is sales less important than ever? 11:51 - Why does Shaunt not believe in traditional customer success teams? 14:31 - Does the role of the SDR survive in two years' time? 19:19 - When is the right time for sales to intercept in a PLG motion? 21:43 - How to Set Sales Quotas in a PLG AI Sales World? 31:19 - How has what you look for in sales hires changed over time? 42:54 - How do you judge sales performance if not on quota? 54:49 - Quick fire: Outdated sales tactic, What Role Dies, Best Sales AI Tool

AGENDA: 04:02 NVIDIA's GTC: What You Need to Know 11:39 Meta's 20% Layoffs & Atlassian Lets Go of 1,600 21:42 How to Test AI Fluency in Employees 30:59 Anduril Lands $20BN Army Contract 46:46 Travis Kalanick Returns With Atoms 49:55 If Travis Kalanick Ran Uber Today, Would it be $1TRN Company? 56:03 When is it Right to Replace Founders 01:04:24 Adobe CEO Exit Shock

Gokul Rajaram is one of the greatest operators turned investors of the last 2 decades. He is trusted as the go to advisor for the greatest founders in the world. Today he serves as a Board Director at three public companies: Coinbase, Pinterest and The Trade Desk. Prior to Marathon (his firm), Gokul served on the executive team at DoorDash and Block. Before Block, he served as Product Director of Ads at Facebook. Earlier in his career, Gokul served as a Product Management Director for Google AdSense. Gokul is also a prolific angel investor, having invested in 700+ companies, including Airtable, Figma, Groq, Runway, Supabase, and Vercel. AGENDA: 03:53 — Investing Lessons from Google, Doordash and Facebook 05:32 — Why Mark Zuckerberg is the Greatest Distribution Genius Alive 07:23 — Why Every Company Today Needs to be Multi-Product 09:16 — Negative Gross Margins: Are the Best Companies Actually Built on "Shit" Economics? 10:50 — The SaaS Apocalypse: Is the Entire Sector Going to Zero? 12:15 — The 8 Moats of Enduring Software Companies: How to Analyse Companies 14:50 — Why Brand is No Longer a Strong Moat (And What Replaced It) 16:13 — Salesforce vs. Atlassian: Which Systems of Record are Dying? 18:13 — Outcome-Based Pricing: Is This the Total Death of Seat Pricing? 20:16 — The Bolt-On AI Trap: Why Rebuilding Your Entire UX is Non-Negotiable 23:44 — Are the Outcome Sizes of Vertical SaaS Large Enough for VC Today? 28:16 — The Zombie Cohort: What Happens to Private Companies with High Valuations? 32:44 — Is "King Making" Complete Bullshit? 34:21 — Durability Over Margins: What Really Matters in a 100x Growth World 35:36 — The Non-Consumption Miracle: Why Granola and Gamma are Crushing It 38:50 — The PayPal Rule: Can You Raise Prices 5 Times in 3 Years? 42:47 — My Biggest Miss: How I Misread the Shopify Billion-Dollar Mark 45:18 — The Courage to Bet: Why Instacart is the Best VC Deal Ever 46:33 — Seed vs. Growth Pricing: When Does Price Actually Destroy Returns? 50:53 — Does "Proprietary Founder Access" Even Exist? 54:33 — Double Down or Diversify? The Truth About Fund Reserves 59:44 — The Vanta Anti-Portfolio: A Mistake I'll Never Forget 01:01:21 — When to Sell: The "Sell a Third, Hold a Third, Trade a Third" Rule 01:04:12 — Why Remote Early-Stage Companies are Dying 01:07:33 — Why Mid-Level Partners are Fleeing Mega Funds 01:09:47 — The Best CEO Superpowers: Larry, Mark, Jack, and Tony 01:12:33 — The Next 10 Years: Why Dropouts are "AI Maxing" the World

Elena Verna is the Head of Growth at Lovable, one of the fastest growing companies in the world having hit $400M in ARR in just 18 months. Prior to Lovable, Elena was Head of Growth at both Dropbox and Miro. AGENDA: 00:00 – Why "Growth Is Now a Trust Problem" (Not a Marketing Problem) 06:10 – Is SEO Dying Because of AI Search? 07:00 – Did Lovable's Growth Come From the Founder's Personal Brand? 08:30 – Why Every Founder Should Push Employees to Be Marketers? 13:10 – Why Every Employee at Lovable Ships Code (Even Marketing) 21:20 – Why Paid Marketing in Year One Is a "Death Trap" 31:50 – Why Annual Subscriptions Are the Wrong Monetization Model for AI 37:00 – If Elena Had an Unlimited Marketing Budget, What Would She Do? 48:00 – How Lovable Does Product Launches

AGENDA: 00:00 - ANTHROPIC VS. THE PENTAGON: The Billion Dollar Supply Chain War 07:11 - B2B PANIC: Why Leading Companies Are Losing Deals to OpenAI 12:19 - THE ANTHROPIC ENDGAME: Will Claude Eclipse ChatGPT? 17:39 - THE DATA CENTER ARMS RACE: Is the AI Hype Cycle Finally Dead? 24:43 - 24/7 PERSISTENT AI: Why You'll Soon Need Data Centers in Space 30:37 - THE DEATH OF THE JUNIOR: Why Entry-Level Jobs are Vanishing 41:55 - AGENT-LED GROWTH: The Secret Reason Startups are Exploding in 2026 46:58 - THE ERA OF GENTLE DECELERATION IS DEAD: Public Markets Turn Brutal 55:54 - FIGMA MAKE IS TERRIBLE? The Failure of Quarterly Software Releases 01:00:54 - THE ULTIMATE STOCK PICKS: What to Buy and Sell Right Now

Miles Clements is a Partner @ Accel where he helps to lead their growth fund. At Accel, Miles has led or invested in Atlassian, Cursor, Linear, and more. AGENDA: 03:38 Where is True Alpha and Value in a World of AI 05:10 Why it is Total BS that Cursor is Dead 07:55 Why Cursor Were Not Wrong to Build Their Own Models 09:38 What is the Upside When Investing in Cursor at $27BN? 15:12 Do Sub $10BN Outcomes Even Matter to a Fund the Size of Accel? 17:07 Losing ServiceTitan: Investing Lesson Learned… 19:55 Missing Rippling: What We Learned 27:20 What is Accel's Win Rate 30:22 How VCs Approach Ownership Has Changed 35:09 Does Miles Feel Happier or Sadder to be an Anthropic Investor Post Pentagon Debacle 36:45 What Happens to Companies Like Miro and Snyk with High Prices to Live Upto? 38:05 Why it is a Great Time to Be Thoma Bravo and Vista 38:36 Why Founder-Led Companies Are Always Better 41:12 Why Would Any Founder Go Public Today 43:48 When is the Right Time to Take Chips Off The Table? 45:24 Should VC Firms Have Evergreen Funds and Be Responsible for Public Positions 50:28 You Can Pick Any VC to Join Accel, Who Does Miles Choose…

Mitchell Green is a legendary growth equity investor and the Founder and Managing Partner of Lead Edge Capital, a firm with over $5 billion in assets under management. Known as a relentless "money maker", Mitchell has led investments in the likes of Bytedance, Toast, Procore, Duo Security and more. AGENDA: 0:00 The SaaS Apocalypse: Why Incumbents Aren't Going to Zero 05:50 "Dead Money": Why Public Software Estimates Were Too High 08:15 Leverage is the Enemy: Lessons from the 1999 Retail Crash 11:50 The Truth About Growth Equity: Zeroes vs. 10X Returns 15:40 Mainframes to AI: Why Oracle and SAP Will Thrive 20:35 The "Stock-Based Comp" Scandal: Silicon Valley's Hidden Crime 24:35 ByteDance vs. The World: Why China Could Win the AI War 31:50 Selling is the Job: Why Buying is the Most Glamorous Part of VC 35:45 Too Many Tourists: Why 50% of VCs Shouldn't Be in the Business 44:10 The Gross Dollar Retention Rule: The Only Number That Matters in SaaS

AGENDA: 04:13 Anthropic vs The Pentagon: Who Wins 13:54 Was Sam Altman Wrong to Take the Deal 24:28 OpenAI's $110BN Mega Round: The Breakdown 28:22 Who Has a Bigger Valuation Premium: Sam Altman or Elon Musk 34:38 Why We Got the SaaS Apocalypse Wrong? 43:24 Why Salesforce Could be the Best Buy in Public Markets 47:46 Block Lays Off 40% of Team: AI or Overhiring 01:00:16 Cursor Hits $2BN in ARR… so not Dead? 01:18:15 How to Pick Winners in AI?

Monday has been hit harder than almost any other public SaaS company. With $1.3BN in ARR, the company is valued at just $3.8BN; a more than 60% fall since IPO. Today, Eran Zinman, Monday's CEO joins Harry Stebbings in the hotseat to walkthrough six of the biggest threats to Monday's business; what is real, what is not and what are the unknowns. AGENDA: 05:47 Six Threats Monday Faces Today 07:04 Threat #1: Vibe Coding: Will Companies Vibe Code Everything 11:24 Threat #2: Will OpenAI and Anthropic Own the Application Layer 13:52 Threat #3: Will Agents Turn Monday and Salesforce into a Database 18:43 Why is Monday Adding 15% Headcount When Everyone is Cutting? 21:40 How Monday is Using AI to be More Efficient 27:49 What Happens to Seat Pricing? What Comes Next? 34:17 What No One Sees About Enterprise AI Adoption 37:13 How Google AI Overview Smashed 10% of our Customer Acquisition 38:49 If Bullish on Monday, Why Has Eran Not Bought More Stock… 40:38 How to Manage Internal Morale When Stock is Down 60% 44:08 Do Private Companies Have Advantages Public Companies Do Not Have 47:28 With $1.5BN in Cash, Why is Eran Not Buying More Companies… 53:30 What is the Most Offensive Bet Eran Would Like to Take? 57:13 Quickfire: Marriage, Biggest Short, Mentors

Jerry Murdock is the Co-Founder of Insight Partners, one of the most formidable growth investors of the last three decades, with over $90 billion in AUM and a portfolio that has shaped the modern software economy. Jerry never does podcasts, and so this is his first-ever long-form interview. AGENDA: 03:50 There is an AI Tsunami Beginning 05:43 Cursor is F***** and Everyone Knows It 07:28 How Open Source Will Crush in an Agent First World 10:20 Is NVIDIA F**** 17:32 Are Systems of Record Dead in an Agent-First World 21:04 Humans Will Not Buy Software, Agents Will… 24:57 Universal Basic Income Will Have to Happen, Mass Unemployment is Coming 30:54 What Happens to Tech Private Equity: Is Thoma Bravo F****** 37:50 What Single Decision Does Jerry Regret Most… Why? 41:45 Single Biggest Mistake With Insight… What Did Jerry Learn? 45:26 Why is Now the Best Time to Start a Fund 47:03 The Twitter Bet that Made $90BN Insight 49:34 Biggest Marriage and Parenting Advice 56:04 Will Agents Help Us Live Forever

AGENDA: 03:55 Anthropic Security Product Wipes Billions Off Public Markets 11:17 Do Agents Turn SaaS Incumbents into Valueless Databases 22:07 Anthropic Secondary Sale Makes Hundreds Decamillionaires 23:20 Citrini Research Piece: Everything You Need To Know 26:04 Will DoorDash Be Replaced by Agents 34:22 Will "Ghost GDP" Soften Consumer Spending Power 42:46 Why No Public Company Has Created a Good Agent Product 47:19 Is Tech Private Equity and Thoma Bravo F***** in this Market 51:05 OpenAI Massively Increases Spending Plans: Analysis 56:24 Figma Fights Back: Earnings Through the Roof 01:02:12 Momentum Versus Value: Four Public Stocks to Buy 01:09:30 Jack Altman Joins Benchmark Capital

Lucas Swisher co-leads the growth fund at Coatue where he has partnered with iconic companies like OpenAI, Harvey, Deel, Canva, Openevidence, Anthropic, and others. Prior to Coatue, he was on the investment team at Kleiner Perkins, where he focused on growth stage software businesses. AGENDA: 04:23 Why Public SaaS Is Getting Crushed in the AI Wave 06:01 How to Find Value in the Deluge of Public SaaS 10:34 Durability of Revenue in AI 17:42 Market Size vs. Founder Quality: What Wins? 19:04 Why Price is the Last Thing to Matter 24:58 Mega-Funds Math: Can $5B+ Funds Still Generate Venture Returns? 28:04 What Returns Are 'Enough'? Why 3x Isn't Exciting at Growth 30:34 When Double-Downs Go Wrong: Overestimating TAM and Multi-Product Expansion 33:03 Margin Matters… But at Scale: AI Gross Margins, Cost Curves & Efficiency 36:42 Why it has never been harder to be a seed investor 39:25 Is 'Kingmaking' a Myth: When Capital Helps (and When It Hurts) 44:12 Is Canva Really a Platform Company? Multi S-Curves and Leaning into AI Early 46:05 Lessons from Mary Meeker: Modeling, Storytelling with Data, and Not Missing the Forest 48:27 Lessons from Mamoon Hamid: Spotting Inflection Points with Minimal Data (Figma Story) 49:54 LP 'Pick One' Games: Mamoon Hamid, Mary Meeker, Insight Partners 51:41 OpenAI vs Anthropic: Who Wins? 56:52 Most Memorable Founder Meeting: Harvey and Founder-Market Fit 59:00 Career Decisions & Misses: Leaving Insight, Missing Anduril, and Looking Ahead

Alexander Embiricos is the Head of Codex at OpenAI, leading the development of the company's flagship AI coding systems that power automated software generation, debugging and developer workflows. Under his leadership, Codex has become one of the most widely adopted AI developer platforms. AGENDA: 05:13 Will Coding Be Automated? Why AI Could Create More Engineers, Not Fewer 07:17 Do We Need PMs? The "Undefined" Product Role and When It Matters 08:06 The Real AGI Bottleneck: Human Prompting, Validation, and "Too Much Effort" 13:04 Three Phases of Agents: Coding → Computer Use → Productized Workflows 13:52 Enterprise Reality Check: Security, Permissions, and Safe Agentic Browsing 17:57 Is Inference the New Sales and Marketing? 18:49 What % of Codex Was Written by AI? 21:33 Do OpenAI Use AI for Code Review? 23:31 Is there any stickiness to AI coding tools? 28:22 What Does "Winning" Mean at OpenAI? Mission, Competition, and Moats 32:04 The Future UI: Chat or Voice 34:10 Agent-to-Agent Workflows: Designing for Approvals, Compliance, and Automation 35:39 Do Coding Models Have a Data Moat? 36:50 How does Codex View Data: Will They Build Their Own Mercor and Turing? 37:27 How Does Codex View Consumer: Will They Compete with Lovable? 41:56 Benchmarks vs "Vibes": How People Actually Judge Models 42:43 Cursor's Edge and the Case for Building Your Own Models 47:37 Is SaaS Dead? What Still Defends Value (Humans + Systems of Record) 51:28 Talent Wars and Career Advice for New Engineers in the AI Era 01:01:03 Guardrails, the Fully AI-Managed Stack, and a 10-Year Vision for Everyone

AGENDA: 04:14 Anthropic's $30B Raise at $380B 06:18 Why SaaS Stocks Keep Getting Crushed 18:15 Wall Street's New Religion: AI Replaces Headcount 22:42 The Bear Case for Shopify: What Could Go Wrong? 31:51 Replit and Lovable are Proof Figma Missed Out: Figma; Buy or Sell? 48:42 Stripe Raises at $140BN: Is Stripe Wildly Overvalued or Adyen Undervalued? 54:36 OpenAI Buys OpenClaw 01:06:28 Thrive's $10B Growth Fund 01:09:10 Arif Janmohamed Leaves Lightspeed for New Firm 01:17:12 Workday's Founder Returns as CEO: Will it Work? 01:20:34 Which Founder Returns Next: HubSpot, Twilio, Gitlab? 01:24:03 Is Monday.com a Screaming Buy? 01:28:25 Jason and Harry Bet $200,000

Sebastian Siemiatkowski is the co-founder and CEO of Klarna, the global digital bank with over 114 million global active users and 3.4 million transactions per day. Seb is one of the leading public company CEOs pushing the boundaries of AI. AGENDA: 04:50 — The Real Threat to SaaS is The Switching Cost Coming Down 05:57 — What revenue multiple will software companies trade at in the future? 14:12 — Why you need to build your own customer service AI to win 23:51 — Klarna has two times the customer base of Revolut. They will beat Revolut 25:39 — How I lost a billion dollars not investing in Nubank 30:57 — Why Nubank are more likely to win the US than Revolut? 34:28 — We used to be 6,000 people. Now we are just 3,000 39:58 — When is a high valuation too high and can be dangerous? 42:45 — How we got Sequoia to invest and Michael Moritz to join the board 53:14 — If you are an investor today that is not building then you're at a fundamental disadvantage 01:11:43 — I have changed my mind on the adoption cycle... I think it will take longer than people think 20VC: Is SaaS Dead: Klarna Replaces 1,500 Internal SaaS Products | Why Systems of Record Will Die in an Agentic World | What Revenue Multiple Will Software Companies Trade At? | From 7,000 to 3,000: We Need Less People Than Ever with Sebastian Siemiatkowski

Carles Reina is VP of Sales at ElevenLabs, where he was the first investor and fourth employee. Carles has scaled the revenue org from Day 1 to over $330M in just 3 years. Carles is also an active investor with investments in ElevenLabs, Revolut, Happy Robot and more. AGENDA: 0:00 How I Turned $20K into $16M with Revolut Angel Investment 10:45 Why I Don't Believe in Product-Market Fit 15:40 How to do Land and Expand: Turning $12K Deals into Millions 19:40 The 20X Rule: A "Ruthless" Comp Plan for Elite Reps 24:35 Public Shaming? Why Honest Pipeline Reviews Save Companies 28:50 Why Your Sales Reps Should Never Be in the Office 35:45 The Outbound King: How to Pivot from 90% Inbound 45:45 "Vibe Coding" & The Death of Technical Ceilings 55:35 Why I'd Fire Myself: The Secret Psychology of High-Performers

AGENDA: 03:43 Anthropic Predicts $149B in ARR in 2029 09:27 Will FDEs Become More or Less Powerful 26:17 Harvey Raises $200M at an $11BN Valuation 42:45 Is Customer Support a Terrible or Terrific Investment Category 56:14 Anthropic's Superbowl Ad: Who Won and Who Lost 01:11:30 Do CEOs Have to Work Harder Today Than Ever

Anish Acharya is a General Partner at Andreessen Horowitz (a16z), where he leads consumer and fintech investing at Series A. He serves on the boards of standout portfolio companies including Deel, Mosaic, Clutch, Titan, and HappyRobot and has led early bets in companies like Runway and Carbonated. Before a16z, he founded and exited two startups—Snowball (acquired by Credit Karma) and SocialDeck (acquired by Google) and scaled Credit Karma's U.S. Card business to over 100 million members. AGENDA: 00:03 - Why building an AI company today requires being in San Francisco 06:58 - The "SaaS Apocalypse" myth: Why "vibe coding" everything is a lie 09:11 - How AI agents are finally breaking the lock-in of legacy software providers 10:13 - Incumbents vs. Startups: Who actually wins the AI distribution war? 14:39 - Why the developer tool market looks more like Cloud than Uber and Lyft 22:43 - The death of the Chatbox? Why browse-based interfaces are still preferable 27:14 - Why power users are 10x more valuable in the age of AI consumption 28:36 - Do margins matter in a world of AI? 34:46 - Why we are definitively not in an AI bubble right now 38:58 - Why the Legal and Customer Support industries will have dozens of winners 39:44 - Lessons from Marc Andreessen: Why the "quality of being right" supersedes process 44:51 - Is "Triple, Triple, Double, Double" dead? The new physics of growth 01:10:41 - The a16z Playbook: How to win 100% of the deals you chase

Ariel Cohen is the Co-Founder and CEO of Navan (formerly TripActions), an AI-powered travel and expense platform. Last month, Ariel took the company public, since being a public company, they have faced a torrid time seeing stock price decline by 50%. The company is currently valued between $4BN-$5BN. AGENDA: 0:00 The Truth About Going Public After 11 Years 5:50 Why We Couldn't Wait: The Real Reason for the IPO 8:15 Disrupting the Giants: Amex, Concur, and the $1T Opportunity 11:50 "If We Don't Build This, We're Dead": Seeing ChatGPT Early 18:35 Why Navan Built Their Own Customer Service AI 23:45 Why Infrastructure is Overrated (and What Actually Matters) 28:55 Vibe Coding: How We Rebuilt Our Product in 6 Hours 34:55 Are Any Public Company CEOs Actually Happy? 38:50 Lessons from Robinhood: Energy, Ethics, and the Stock Price 45:10 The Cost of Success: $1B Mistakes and Parenting Regrets

AGENDA: 00:00 - SpaceX Completes Acquisition of xAI in $1.25 Trillion Merger 08:44 - The Rehabilitation of the IPO and the End of "State Private Forever" 15:53 - The 2026 SaaS Massacre: Public Market Collapse 31:20 - Next-Gen CRM War: Hubspot Down 50%+ vs Next Gen Heavily Funded 45:30 - Microsoft's $360 Billion Market Cap Loss and the Shift in AI Narrative 52:45 - Nvidia's Strategic Retreat: The Dispute Over the $100 Billion OpenAI Investment 01:03:30 - Waymo Raises $16 Billion at a $110 Billion Valuation 01:17:30 - The Launch of OpenClaw and Moltbook: 1.5 Million Agents Join a Social Network

Oren Zeev is one of the most prominent solo capitalists in venture. He is one of the most no BS investors of our time. Oren manages over $1BN in AUM and is known for his "radical alignment" approach, often taking $0 in management fees. His track record includes massive successes like Navan, Audible, and Houzz. AGENDA: 03:11 – Why the Best Investments Always Look "Wrong" at the Start 05:58 – The AI Tsunami: How to Spot Beneficiaries vs. Victims 10:43 – The Death of Incumbents? Why Most AI Predictions Are Wrong 14:12 – Why Chasing Hyper-Growth is a "Disaster Waiting to Happen" 19:41 – The Biggest Mistakes From 2021 and Investing Lessons From It? 25:52 – Is the Future of Venture Boutique or Mega Fund: Does the Middle Die? 32:00 – The Great VC Shakeout: Why 50% of Funds Will Slowly Die 38:52 – Why Oren Zeev Takes $0 in Management Fees 50:48 – Why VCs Should Never Tell Their LPs What They Are Doing? 59:11 – How I Missed Investing in Facebook and Lessons Learned

Omer Shai serves as the CMO at Wix. Shai leads a team of over 400 people and is responsible for the company's global online and offline marketing activity, which boasts an incredible growth of approximately 3 million new users every month. Under Shai, the marketing department has executed hundreds of worldwide campaigns for television and social including 5 Super Bowl commercials, creative videos, podcasts and more. AGENDA: 00:00 — The AI Agent Revolution: 93% Automation? 03:55 — Why I'm Buying TWO Super Bowl Ads This Year 08:58 — The $100M Marketing Secret: Brand vs. Performance 13:28 — Why LTV is Bullshit (and What You Should Use Instead) 18:52 — 10x Your Growth: How to Find Tomorrow's Arbitrage 27:10 — SEO is Dying? Why I'm Increasing My Ad Spend Anyway 31:14 — The TikTok Fail: Why Even Big Brands Can't Crack It 36:11 — Stop Selling the "Why": Put the Product in the Center 47:57 — Will AI Make You Unemployed? A Warning for Marketers 52:27 — Why Celebrity Endorsements Never Work

AGENDA: 03:36 Brex Acquisition by Capital One for $5.15BN 10:54 Does Brex's Acquisition Help or Hurt Ramp? 16:28 TikTok Deal Completed: Who Won & Who Lost: Analysis 19:30 Anthropic Inference Costs Higher Than Expected 37:50 Open Evidence Raises at $12BN from Thrive and DST 53:56 Wealthront IPO Disaster: Is $1.5BN IPO Too Small? 01:07:27 Salesforce Wins $5BN Army Contract: The Last Laugh for SaaS

Max Junestrand is the Co-Founder and CEO @ Legora, the legal AI company that has scaled to 750 of the world's leading law firms as customers and over 300 employees in just 2 years. They have raised over $200M from some of the best in the business including Benchmark, General Catalyst, Redpoint and ICONIQ. AGENDA: 04:16 Why Does Everyone Think Harvey When They Hear Legal AI? 07:35 Why OpenAI is Toast? Switching to Anthropic! 11:47 24 Months: Which Foundation Models Will Win? 23:53 Lessons Scaling from Europe into the US 28:53 Do Americans Work As Hard As They Say? 32:20 Why Seat Models Are Not Dead in SaaS? 36:17 How to Use Competition To Drive a Fire in Your Team? 40:59 Is Legal AI a Winner-Take-All Market? How Does It End? 47:18 The Future of Law Firms: Do Juniors Get Fired? 53:19 How We Raised $200M and 3 Rounds with No Deck 57:21 Quickfire Round: Best Advice, Closest Mentor, Biggest Mindset Shift

AGENDA: 00:03:00 – Harry's Wild Start: Making £1.75M at 19 in 36 Hours 00:06:00 – How Harry Got Marc Benioff on 20VC with Cold Emailing Alone 00:07:30 – Raising $70M on WhatsApp – Relationship Building Secrets 00:12:00 – Decision Framework: What Would Pat Grady (Sequoia) Do? 00:15:00 – Chase Your First Million – It Unlocks Everything 00:16:30 – Advice for 19-Year-Olds Today: Niche Down, Interview Leaders, Publish 00:18:00 – University Is a Waste for Most | Leverage Youth & Risk 00:22:30 – How Getting Kicked Out of School Changed Everything 00:30:00 – Why Should Everyone Be Creating Content Today and How to Start 00:35:30 – 7 Lessons from Billionaires 00:36:00 – #1: Never Accept No (The $12M Turnaround Story) 00:37:30 – #2: Beat Down the Door (53 Emails to Marc Benioff) 00:39:00 – #3: Just Start – 99% Never Do 00:40:30 – #4: Use a Role Model Framework for Hard Decisions 00:42:00 – #5: Chasing Money Won't Make You Happy – Enjoy the Art 00:44:00 – #6: Break Big Visions into Achievable Milestones 00:45:30 – #7: Win Over the Partner (Power of Pillow Talk)

AGENDA: 03:30 Can VC Survive With Public Market Prices Today 15:20 The Implosion of Thinking Machines 21:13 Elon Musk vs. OpenAI: The Legal Battle 40:50 Can OpenAI Win Ads? 55:50 ClickHouse's $15BN Deal: Analysed 58:55 Replit's $9BN Deal: Analysed 01:08:35 There Are Only Two Types of Deals VCs Want To Do Today

Winston Weinberg is the CEO and Co-Founder of Harvey, the leading professional services platform engineered with AI for law, tax, and finance. Winston has raised over $980M for Harvey from Sequoia, a16z, GV, Elad Gil and more with a last round price of $9.2BN post-money. Before founding Harvey in August 2022, Winston was an attorney at O'Melveny & Myers LLP, specializing in antitrust and securities litigation. AGENDA: 04:10 #1 Thing Every Founder Needs to Do Everyday 05:33 Must Do Daily Routines and Productivity Tips for CEOs 12:45 How to Get Sequoia and a16z Term Sheets 15:06 Why VCs Suck at Helping Companies Hire? 27:01 What No One Understands About Enterprise AI Adoption 38:06 AI's Impact on Professional Services 39:26 Future of Law Firms: Do They Die? 43:38 What Everyone Should Know That No One Tells You About Hiring in Europe 47:08 I Have Massive Trust Issues… 54:17 Biggest Lessons on Effective Deal-Making 59:20 Cold Emailing OpenAI and It Leading to a Term Sheet 01:02:33 Quick Fire Round Try NEXOS.AI for yourself with a 14-day free trial: https://nexos.ai/20vc

Noam Lovinsky is the CPO @ Superhuman (formerly Grammarly). Prior to Superhuman he was a Senior Director of Product Management at Facebook. In his earlier years, he was CPO @ Thumbtack and spent 5 years as a Director of Product Management at Google where he was responsible for all of Youtube's applications. AGENDA: 03:43 What is Great Product Leadership in a World of AI 07:45 Does the Design Phase Die in a World of Vibe Coding 12:21 How AI Changes Product Development Most 22:23 Accelerating Product Development 29:32 AI's Impact on Product Building 34:19 Predictions for 2026 34:45 Quick Fire Round 38:41 Reflections and Future Plans