20VC: OpenAI's Sam Altman, Mistral's Arthur Mensch and more discuss: Will Foundation Models Be Commoditised | Which Startups Are Threatened vs Enabled by OpenAI | Is the Value in the Infrastructure or Application Layer?

Jason Lemkin is one of the leading SaaS investors of the last decade with a portfolio including the likes of Algolia, Talkdesk, Owner, RevenueCat, Saleloft and more.  Rory O’Driscoll is a General Partner @ Scale where he has led investments in category leaders such as Bill.com (BILL), Box (BOX), DocuSign (DOCU), and WalkMe (WKME), among others. In Today’s Episode We Discuss: 04:23 What is Wrong with Billionaires on Twitter: Are They Depressed? 08:49 Why Does product Market Fit Mean Less Than Ever 11:50 Why is Venture Capital More Risky Than Ever and No One is Discussing It 16:17 Will Private Equity Save a Generation of SaaS Companies and VCs 23:53 a16z’s $20BN Fund: Seriously? 31:29 Why Josh Kushner and Thrive Capital are Masters of the World 38:21 Why is Seed Investing for Suckers 45:49 Why Are $50 Million Seed Funds Useless 46:21 Founders Fund Raises $4.6BN: Analysis 52:00 How WIll LPs Change Their Approach to Venture in the Next Five Years 59:53 When Will IPOs Comeback? 01:09:15 Why Does it Not Make Sense for the Best Companies to IPO 01:09:51 Lost Ethics and Morals in Founder Secondaries and Term Sheets 01:22:58 Quickfire: OpenAI, Cursor, Deel vs Rippling

17 Apr 1h 29min

Victor Lazarte is a General Partner @ Benchmark, one of the mot renowned venture firms in the world. At Benchmark, Victor has led deals into the likes of HeyGen and Mercor. As an angel, he was the first investor and board member of Brex, and as a Founder he scaled Wildlife Studios, bootstrapping into the largest gaming company in LatAm, with about 4 billion downloads.  In Today’s Episode We Discuss: 04:10 Lessons Scaling Wildlife Studios to 4BN Downloads 04:49 Why Predicting the Future is Wrong When Starting a Company 07:11 Three Different Categories of Company in an AI World: Who Wins & Loses? 09:25 Why You Should Always Ask What a Founder Does in Their Free Time? 17:30 Two Traits That All the Best Founders Have? 23:17 Why If You Start a Company in SF You are 1,000x More Likely to be Successful? 35:30 Why Spreadsheet SaaS Investing is Dead 36:10 Why Replacing Humans is the Most Exciting Opportunity in AI 37:02 Why Knowledge Work Will Be Destroyed and What Happens Then? 37:30 Why China is a Stabilising Force for the US 38:59 China vs. US: The AI Race 42:33 Why All Students Today Should Study Computer Science 44:38 Why Portfolio Construction is BS 47:04 What Makes Peter Fenton One of the Best Ever 51:31 Why Duolingo Will Be One of the Most Valuable Companies in the World 01:00:17 Quick Fire Round: Insights and Predictions

14 Apr 1h 7min

Aatish Nayak is the Head of Product at Harvey where he oversees product vision, strategy, design, analytics, marketing, and support. This is his third hypergrowth AI unicorn having previously held product leadership roles at Scale AI from 40 to 800 people, and Shield AI from 20 to 100 people.  In Today’s Episode We Discuss: 04:21 Biggest Product Lessons from Scale AI 7:18 Why Product Managers Are Wrong: They are not the CEO of the Product 12:28 Why Market Selection is More Important than Anything Else 16:40 If Distribution is King then Product is President 22:06 Effective Product Strategy and Execution 26:24 How to Write the Best PRDs 31:01 Balancing New Features and Technical Debt 33:17 Analysing Retrospectives and Postmortems 33:55 Introduction to Pre-mortems 38:25 Biggest Product Mistakes and Lessons Learned 41:40 Evaluating AI Models and Lessons Learned 45:03 The Future of AI in Product Management 55:21 What Should Product People Learn to Win in a World of AI 59:37 The AI Talent War in San Francisco 01:01:26 Quickfire Round

11 Apr 1h 5min

Tom Hulme is a General Partner @ GV and leads GV’s European investing. He has led rounds in Monzo, Nothing, GoCardless, Lemonade, Snyk and is widely considered one of the best investors in Europe.  Stan Boland is one of the most successful and respected entrepreneurs in the UK.  In 1999, he co-founded Element 14 which was acquired by Broadcom in 2000 for $640 million. Following this, Boland co-founded Icera Inc. in 2002, a fabless semiconductor company which he sold to Nvidia for $367 million.  In Today’s Discussion We Cover: 04:26 Is The UK’s Biggest Problem a Talent Problem 09:50 Why We Need to Flood the UK With Venture Capital 10:38 What Europe Can Learn from Stripe and the Collisons 15:21 How the UK Can Use Visas to Retain the Best Talent 16:46 Why the Government Needs to Put 10x More Cash Into Fund of Funds 24:32 Is the London Stock Exchange F****** and Does it Matter? 34:38 What The UK Can Learn From Sequoia and the Norwegian Sovereign Wealth Fund 40:42 What is a “National Goal for Wealth Creation” & How Do We Implement It? 48:10 What are the Most Broken Elements of the UK Tax Regime 52:11 Is It Stupid to Remove the Non-Dom Tax Status 53:15 Why is Now the Time to Be Bullish on China 01:00:19 Biggest Lessons from Working with Jensen Huang 01:08:04 Quick Fire Round: Insights and Predictions

10 Apr 1h 24min

Ernest Garcia is the Co-Founder and CEO @ Carvana. Under Ernie’s leadership, Carvana went from a back-of-the-napkin idea to a $50+ billion public company, became the fastest-growing online used car retailer in U.S. history, and landed on the Fortune 500 in under 10 years. However, it was not all up and to the right, in 2022, the stock plummeted 99% to a market cap of just $400M. Today they are back with a market cap of $35BN, that is a 100x in the public markets and selling 400,000 cars sold annually, with a logistics network that rivals Amazon.  In Today’s Episode with Ernie Garcia We Discuss:  04:12 Are all great founders just “stubborn egomaniacs”? 06:55 How Carvana Almost Died on Several Occasions 08:46 Is Carvana’s Inability to get VC Funding a Sign the VC Model is Broken? 11:58 Operators vs. Strategists: What Hires Can Make or Break a Company? 21:46 Billionaire’s Biggest Lessons on Parenting 26:52 Is Life About Happiness or Achieving 32:21 The Reality of Being a Public Company CEO 39:07 Why Companies Should Go Public  43:55 Why You Should Price Your IPO to Perfection with No Pop 50:50 “What I Wish I Had Known About Debt in Building Carvana” 52:32 Quick Fire Round: Favourite CEO, Marriage Advice, Carvana in 10 Years

7 Apr 1h 6min

Nabeel Hyatt is a General Partner @ Spark Capital, one of the leading firms of the last decade with portfolio companies including Twitter, Anthropic, Coinbase, Affirm, Discord, Deel and more.  In Todays Show with Nabeel Hyatt We Discuss: 1. The Rules of Investing: What have been Nabeel’s biggest lessons on price sensitivity? When did he not pay up and with the benefit of hindsight, wish he had of paid up? How important is ownership to Nabeel and Spark? How does Nabeel think about reserve investing and doubling down? Why does Nabeel not engage in secondary markets? How does Nabeel think about when is the right time to sell? Why does Nabeel think the majority of market sizing is total BS? 2. The Venture Landscape: Run by Principles and Broken:  Why does Nabeel believe this generation of AI investing will require a different mindset to the one that made VCs successful over the last decade? Why does Nabeel believe that venture is currently run by principals and associates? Why is that such a problem? Why does Nabeel believe that the majority of venture firms today are dead but do not know it yet? What does Nabeel believe happens to the mega multi-stage firms who have raised billions and billions? 3. How to Win the VC Game in a World of AI: Infrastructure, models, apps: where does Nabeel believe the most value will accrue in the next decade of AI investing? What does Nabeel mean when he says there are three categories of AI apps today? Where does Nabeel believe the most valuable will be built? Does Nabeel believe Deepseek hurt or helped the future for Anthropic? How could Anthropic be a $100BN company from this point? What does no one see about the next 10 years of AI that everyone should see?

4 Apr 1h 15min

Ishan Mukherjee is the Co-Founder/CEO of Rox, a Sequoia-backed AI-powered sales productivity platform. Before Rox, he was the Chief Growth Officer at New Relic where he scaled the self-serve business from $0-$100M in ARR. Prior to New Relic, Ishan founded Pixie Labs (acq by New Relic). Before that he led product at Siri Knowledge Graph at Apple, Lattice Data (acquired by Apple), Premise Data, and Amazon Robotics. Ishan was also an early engineer in Kiva (acquired by Amazon) where he joined after graduating from MIT. In Today’s Episode We Discuss: 04:50 Biggest Lessons Scaling New Relic’s PLG to $100M in ARR 05:59 How to Do PLG and Enterprise at the Same Time 07:00 How to do Content in a PLG World 08:50 Performance Marketing or Organic Content: What Works for PLG 10:27 Why You Should Stop Marketing at Events 11:47 Why SEM is a Cartel 14:15 Why Unpaid Design Partners are BS 17:17 How AI Changes the World of Enterprise Sales: Commit-Based vs. Usage-Based  20:49 How to do Sales Compensation Plans 24:44 How to Ramp New Sales Reps 25:03 The Impact of AI on Sales Research 29:18 How to do Deep Customer Research in an AI World 35:56 Changing Spending Patterns in SaaS 41:41 Retention and Churn in Enterprise AI 43:31 The Future of Sales Teams with AI 44:45 Hiring and Scaling Sales Teams 54:28 Quickfire

4 Apr 1h 9min

Welcome to The Daily Deal — the new show with Harry Stebbings and Jason Lemkin, where we break down the biggest stories in tech, venture, and B2B. From market meltdowns to billion-dollar raises, wild valuations, and the drama behind the deals. We’re covering it all! Plus, we’ll be joined by some incredible guests to go deeper on the moves shaping the future of our industry.  Today we discuss:  Tech stocks were hammered in late trading today in response to the Trump administration's plans to levy tariffs of between 10% and 49% on imported goods, with Apple shares falling more than 6%. Rippling Deal: Illegal or Hustle? Emergence Raises $1B for B2B Investments Cursor, Replit, Windsurf: Who Wins? Lots of gen AI startups are crossing into the $100M ARR club. The latest entrant is talent marketplace Mercor, last valued at $2B. Is triple triple double double dead? ScaleAI at $25B: Pricey or Potential?  Discussion with Bhavin Shah @ Moveworks: ServiceNow Acquires Moveworks for $2.5B: AI Craze Continues Sequoia Makes 25x on Wiz: Is M&A Open Again? USD Stablecoin issuer Circle has filed to go public. The company, which has raised $1.2 billion in VC money, reported $1.7 billion in 2024 revenue, with $155.7 million in net income. Oracle Cloud Revenue Up 23%: Old Guard Wins in AI? Salesforce Customers Love AgentForce, But Will They Pay? Dustin Moskovitz Retires from Asana: Is SaaS Too Tough? Discussion with Andrew Feldman @ Cerebras: Coreweave’s Redemption Provision: A Time Bomb for Coatue? Can OpenAI’s $12B Deal Save Coreweave from $5B Loss? OpenAI Won’t Profit Until $127B in Annual Revenue A lot of young founders raising big in chips; bullish or bullshit?

3 Apr 1h 27min