The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
The Twenty Minute VC (20VC) interviews the world's greatest venture capitalists with prior guests including Sequoia's Doug Leone and Benchmark's Bill Gurley. Once per week, 20VC Host, Harry Stebbings is also joined by one of the great founders of our time with prior founder episodes from Spotify's Daniel Ek, Linkedin's Reid Hoffman, and Snowflake's Frank Slootman. If you would like to see more of The Twenty Minute VC (20VC), head to www.20vc.com for more information on the podcast, show notes, resources and more.
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20VC: Why Cursor is Dead | An AI Tsunami is Coming & You Need to Prepare | Systems of Record Become Valueless Databases with Agents | Is This The End of Tech Private Equity with Jerry Murdock, Co-Founder of Insight Partners
<p >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. </p> <p >AGENDA:</p> <p >03:50 There is an AI Tsunami Beginning</p> <p >05:43 Cursor is F***** and Everyone Knows It</p> <p >07:28 How Open Source Will Crush in an Agent First World</p> <p >10:20 Is NVIDIA F****</p> <p >17:32 Are Systems of Record Dead in an Agent-First World</p> <p >21:04 Humans Will N...
20VC: Anthropic Wipes Billions Off Markets | Citrini Research: The Ultimate Breakdown: Agents, "Ghost GDP", Consumer Spend etc. | Figma Earnings Beat & Four Public Stocks to Buy | Jack Altman Joins Benchmark
<p >AGENDA:</p> <p >03:55 Anthropic Security Product Wipes Billions Off Public Markets</p> <p >11:17 Do Agents Turn SaaS Incumbents into Valueless Databases</p> <p >22:07 Anthropic Secondary Sale Makes Hundreds Decamillionaires</p> <p >23:20 Citrini Research Piece: Everything You Need To Know</p> <p >26:04 Will DoorDash Be Replaced by Agents</p> <p >34:22 Will "Ghost GDP" Soften Consumer Spending Power</p> <p >42:46 Why No Public Company Has Created a Good Agent Product</p> <p >47:19 Is Tech Private Equity and Thoma Bravo F***** in this Market</p> <p >51:05 OpenAI Massively Increases Spending Plans: Analysis</p> <p >56:24 Figma Fights Back: Earnings Through the Roof</p> <...
20VC: Inside Coatue's $7BN Growth Fund: Why Price Matters Least | Why Mega Markets are the Most Important | How Mega Funds Can Still Do 5x Returns | How to Assess Durability of Revenue and Margins in AI with Lucas Swisher
<p >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. </p> <p >AGENDA:</p> <p >04:23 Why Public SaaS Is Getting Crushed in the AI Wave</p> <p >06:01 How to Find Value in the Deluge of Public SaaS</p> <p >10:34 Durability of Revenue in AI</p> <p >17:42 Market Size vs. Founder Quality: What Wins?</p> <p >19:04 Why Price is the Last Thing to Matter</p> <p >24:58 M...
20VC: Codex vs Claude Code vs Cursor: Who Wins, Who Loses | Will All Coding Be Automated - Do We Need PMs | The Real Bottleneck to AGI | The Three Phases of Agents and What You Need to Know with Alex Embiricos, Head of Codex at OpenAI
<p >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. </p> <p >AGENDA:</p> <p >05:13 Will Coding Be Automated? Why AI Could Create More Engineers, Not Fewer</p> <p >07:17 Do We Need PMs? The "Undefined" Product Role and When It Matters</p> <p >08:06 The Real AGI Bottleneck: Human Prompting, Validation, and "Too Much Effort"</p> <p >13:04 Three Phases of Agents: Coding → Computer Use → Productized Workflows</p> <p >13...
20VC: Anthropic Raises $30BN at $380BN Valuation | Thrive Raises New $10BN Fund | OpenAI Buys OpenClaw | Stripe Raises at $140BN: Is Adyen Wildly Undervalued? | Monday, Figma, Shopify: Which are Buys vs Sells?
<p >AGENDA:</p> <p >04:14 Anthropic's $30B Raise at $380B</p> <p >06:18 Why SaaS Stocks Keep Getting Crushed</p> <p >18:15 Wall Street's New Religion: AI Replaces Headcount </p> <p >22:42 The Bear Case for Shopify: What Could Go Wrong?</p> <p >31:51 Replit and Lovable are Proof Figma Missed Out: Figma; Buy or Sell? </p> <p >48:42 Stripe Raises at $140BN: Is Stripe Wildly Overvalued or Adyen Undervalued? </p> <p >54:36 OpenAI Buys OpenClaw</p> <p >01:06:28 Thrive's $10B Growth Fund</p> <p >01:09:10 Arif Janmohamed Leaves Lightspeed for New Firm</p> <p >01:17:12 Workday's Founder Returns as CEO: Will it Work? </p> <p >01:20:34 Which Founder Returns Next: HubS...
20VC: SaaS is Dead: 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
<p >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. </p> <p >AGENDA:</p> <p >04:50 — The Real Threat to SaaS is The Switching Cost Coming Down</p> <p >05:57 — What revenue multiple will software companies trade at in the future?</p> <p >14:12 — Why you need to build your own customer service AI to win</p> <p >23:51 — Klarna has two times the customer base of Revolut. They will beat Revolut</p> <p >25:39 — How I lost a bi...
20Sales: Inside ElevenLabs $330M ARR Sales Machine | The 20x Sales Comp Plan Reps Must Hit | How to Land and Expand in a World of AI | Why Product-Market-Fit is BS, Reps Should Not Be in the Office and Outbound is King with Carles Reina
<p >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. </p> <p >AGENDA:</p> <p >0:00 How I Turned $20K into $16M with Revolut Angel Investment</p> <p >10:45 Why I Don't Believe in Product-Market Fit</p> <p >15:40 How to do Land and Expand: Turning $12K Deals into Millions</p> <p >19:40 The 20X Rule: A "Ruthless" Comp Plan for Elite Reps</p> <p >24:35 Public Shaming? Wh...
20VC: Anthropic's Superbowl Ad: Who Won - Who Lost | Harvey Raises $200M at $11BN Valuation | Sierra Hits $150M in ARR: Is Customer Support Too Crowded
<p >AGENDA:</p> <p >03:43 Anthropic Predicts $149B in ARR in 2029</p> <p >09:27 Will FDEs Become More or Less Powerful</p> <p >26:17 Harvey Raises $200M at an $11BN Valuation</p> <p >42:45 Is Customer Support a Terrible or Terrific Investment Category</p> <p >56:14 Anthropic's Superbowl Ad: Who Won and Who Lost</p> <p >01:11:30 Do CEOs Have to Work Harder Today Than Ever</p> <p> </p>
20VC: Is SaaS Dead in a World of AI | Do Margins Matter Anymore | Is Triple, Triple, Double, Double Dead Today? | Who Wins the Dev Market: Cursor or Claude Code | Why We Are Not in an AI Bubble with Anish Acharya @ a16z
<p >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.</p> <p >AGENDA:</p> <p >00:03 - Why building an AI company today requires being in San Francisco</p> <p >06:58 - Th...
20VC: From $6.2BN Market Cap to $2.8BN: What Is Not Translating About Navan's Public Story | Are Any Public Company CEOs Actually Happy? | Why Navan Built It's Own Customer Service AI and What it Could Mean For Customer Service AI with Ariel Cohen
<p >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. </p> <p >AGENDA:</p> <p >0:00 The Truth About Going Public After 11 Years</p> <p >5:50 Why We Couldn't Wait: The Real Reason for the IPO</p> <p >8:15 Disrupting the Giants: Amex, Concur, and the $1T Opportunity</p> <p >11:50 "If We Don't Build This, We're Dead": Seeing ChatGPT Early</p> <p >18:35 Why Navan B...
