The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
Harry Stebbings
Delve into the dynamic world of venture capital with "The Twenty Minute VC," hosted by the insightful Harry Stebbings. This podcast offers a rare glimpse into the minds of leading venture capitalists and startup founders, revealing the strategies and stories behind successful venture investments and entrepreneurial journeys. Each episode, lasting just 20 minutes, is packed with actionable advice, making it a goldmine for anyone interested in understanding the nuances of startup funding and the pitch process. "The Twenty Minute VC" stands out for its concise and focused discussions, ideal for busy professionals and aspiring entrepreneurs alike. Whether you're a seasoned investor, a budding entrepreneur, or simply curious about the tech startup landscape, Harry’s conversations provide valuable insights and inspiration. Join us as we explore the latest trends in venture capital, learn from top industry leaders, and discover what it really takes to secure funding and grow a successful startup.
Episodes
20Product: Loom CPO Janie Lee on Three Core Skills that Make the Best PMs, How to Find, Pick and Train the Best PM Talent and Lessons from OpenDoor and Rippling on Product Breadth, Pricing and Talent Density
In this episode, Janie Lee discusses the foundational skills of successful product managers, the nuances of product breadth, and strategic pricing lessons from her tenure at OpenDoor and Rippling. Janie emphasizes the importance of talent density in accelerating career growth and how it shifts from seeking to creating as one advances. She also delves into the role of clear communication and strategic decision-making in product management, highlighting the integration of automation with human judgment in developing products. The conversation extends to the importance of storytelling and adapting to new technologies in product strategies.
20VC: Scale's Alex Wang on Why Data Not Compute is the Bottleneck to Foundation Model Performance, Why AI is the Greatest Military Asset Ever, Is China Really Two Years Behind the US in AI and Why the CCPs Industrial Approach is Better than Anyone Else's
In an engaging discussion, Alex Wang, CEO of Scale AI, and host Harry Stebbings delve deep into the intricacies of AI development, emphasizing that data, not computing power, is the current bottleneck. Wang discusses the strategic military advantages of AI, suggesting it could be more significant than nuclear weapons if leveraged by superpowers like China or Russia. The conversation also covers the aggressive industrial policies of the Chinese Communist Party (CCP), which may enable China to surpass the US in AI capabilities. Wang advocates for a balanced approach to AI development, highlighting the need for enhanced data generation and management to drive future AI models beyond current capabilities.
20VC: Reid Hoffman on Foundation Models: Who Wins & How Do Incumbents Respond | The Inflection AI Deal: How it Went Down | Why Trump is a Threat to Democracy | The Future of TikTok | Lessons from Sam Altman, Brian Chesky and the OpenAI Board
In this enlightening episode of "20VC," host Harry Stebbings interviews Reid Hoffman, who delves into the transformative impact of foundation models in AI, akin to the steam engine in sparking industrial revolutions. Hoffman discusses the strategic moves in AI by companies like Microsoft and the nuanced dynamics between startups and tech giants. The conversation also touches on political concerns, particularly the threat of Trump to democracy, and the broader implications of AI on societal structures. Through anecdotes and insights from his vast experience, Hoffman offers a profound view on how AI shapes economic, political, and technological landscapes.
20Sales: How Rippling Built Their Sales Machine: How to Hire, Train and Manage the Best SDRs, What is the Right Comp Package for Sales Teams & The Playbook to Start and Scale Your SDR Team
In this insightful episode of "20Sales," host Harry Stebbings interviews Ashley Kelly, VP of Global Sales Development at Rippling, to explore how Rippling has effectively built its sales machine. The conversation covers the essentials of hiring, nurturing, and scaling a high-performing sales team, with a special emphasis on the role of SDRs in bridging the gap between marketing and sales. Ashley shares her extensive experience in building sales teams, revealing the challenges and strategies of managing over 800 SDRs and driving sales from $2 million to over $300 million in ARR. The episode also delves into the use of AI and other tools to enhance sales processes and the dynamic between different sales functions within a company.
20VC: Perplexity's Aravind Srinivas on Will Foundation Models Commoditise, Diminishing Returns in Model Performance, OpenAI vs Anthropic: Who Wins & Why the Next Breakthrough in Model Performance will be in Reasoning
Aravind Srinivas, co-founder of Perplexity, discusses the progression and future of AI models in depth with host Harry Stebbings. They delve into whether foundation models like GPT will become commoditized, the diminishing returns on model performance, and the potential for significant breakthroughs in AI reasoning. Srinivas shares insights from his experience at Perplexity and previous roles at OpenAI and DeepMind, focusing on the intricate balance of data curation, the potential overspecialization of models, and the critical role of abstract reasoning in AI's evolution. The conversation also covers the competitive dynamics between leading AI organizations like OpenAI and Anthropic, highlighting the strategic nuances that could determine their success or failure in achieving advanced AI reasoning.
This Week in SaaS: PluralSight Goes to Zero, Salesforce and Mongo Hit Hard, The Next IPO Candidates and How Do We Solve the Problem of Liquidity in Venture Capital
In this inaugural episode of "This Week in SaaS," hosts Harry Stebbings and Jason Lemkin analyze a tumultuous week in the SaaS industry, marked by major losses in market value for Salesforce and MongoDB, and a complete write-down of Vista’s $3.5 billion acquisition of PluralSight. The episode not only covers these financial shake-ups but also ventures into discussions about broader implications for the SaaS market and venture capital funding. The dialogue spans from specifics of company downturns to the overarching trends in tech spending and venture capital strategies, especially in light of ongoing economic pressures and shifts towards newer business models like PLG (Product-Led Growth).
20Growth: The Six Channels Startups Need to Dominate to Grow, Why the Best Growth Talent Never Comes from Marketing or Product, Who and How to Hire Growth Leaders and Teams and Why in a World of AI, Growth is More Science than Art with Matt Lerner
In this detailed exploration of startup growth dynamics, host Harry Stebbings interviews growth expert Matt Lerner. Lerner discusses the six key channels through which startups discover growth opportunities—sales, partnerships, advertising, search engines, content marketing, and influencer engagements. He emphasizes that growth is less about following a set playbook and more about discovering what uniquely works for each startup, particularly through a scientific approach of trial, error, and data analysis. The conversation also covers the recruitment and management of growth teams, stressing the importance of hiring for adaptability and learning potential rather than specific past experiences.
20VC: Former Meta CTO, Schrep on Why Climate is a $10TRN Problem, Operating Lessons Scaling Products to Billions at Meta and Why the Best Leaders are Like Music Conductors
Former Meta CTO, Schrep, delves into his journey of scaling products to billions of users, focusing on the substantial economic implications of climate change, estimated at $10 trillion. With host Harry Stebbings, Schrep shares insights from his time at Meta, including his approaches to innovation and leadership, likening effective leaders to music conductors who orchestrate diverse teams towards harmonious outcomes. His transition to a climate-focused investment firm highlights a commitment to leveraging technology for tackling global climate issues, positioning the climate crisis as not only an environmental challenge but also a vast economic opportunity.
20VC: Why Seed is Systemically Broken | Why Pricing is Worse Than Ever and There is More Funding Than Ever | Benchmarks for Churn, Retention and Growth Rates - Good vs Great | Why Last Vintage for Private Equity Will Suck with Jason Lemkin
In this revealing episode of "20VC," Harry Stebbings and Jason Lemkin discuss the systemic issues plaguing seed investing, exacerbated by inflated pricing and excessive funding. They delve into the nuanced dynamics of venture capital, including the critical benchmarks for churn, retention, and growth that differentiate good from great companies. Lemkin, known for his incisive takes on SaaS investment, shares candid anecdotes from his extensive experience, highlighting both his most successful investments and notable missteps. The conversation also touches on the broader implications of the last vintage of private equity, predicting challenging times ahead due to the current investment climate's unsustainable practices.
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?
In a profound discussion led by Harry Stebbings, industry leaders including Sam Altman of OpenAI and Arthur Mensch of Mistral, explore the rapid commoditization of AI foundation models and its implications for startups. They debate whether the true value lies in the model itself or the applications built on top of it. The conversation touches on the intense competition and innovation within the field, the significant investments needed, and the strategic focus that companies should adopt to leverage AI effectively. The discussion also highlights various viewpoints on how startups can differentiate themselves and survive in a landscape dominated by rapidly advancing technologies.
20VC: Box's Aaron Levie on Predictions for the Next Wave of AI: Will Foundation Models Be Commoditised | How the Business Model of SaaS Changes Forever | Startups vs Incumbents: Who Wins | App vs Infrastructure Layer: Where is the Value?
In a deep dive with Aaron Levie, co-founder and CEO of Box, the episode unpacks the seismic shifts expected in the tech landscape due to AI innovations. Levie discusses how AI will commoditize foundation models and alter the traditional SaaS business models, emphasizing the mixed opportunities for startups and established companies. Key insights include the strategic advantage for incumbents due to their data and workflow integration, and the evolving dynamics in the AI-driven market where the application layer might see more entrepreneurial activity compared to the foundation model layer due to heavy investments by big tech companies.
20VC: Palo Alto Networks CEO Nikesh Arora on How to Create and Sustain Competitive Advantage and Defensibility | What Makes Masa Son a Genius Investor of Our Time | How the Best Leaders Communicate and Delegate
In a detailed conversation with Harry Stebbings, Nikesh Arora discusses the dynamic challenges of leading a major cybersecurity firm, Palo Alto Networks. He emphasizes the importance of competitive advantage, the impact of strategic acquisitions, and the intricacies of leadership and delegation. Arora shares insights from his experiences at Google and SoftBank, highlighting key lessons in innovation and market positioning. The discussion also covers his views on investment and growth strategies, touching upon his interactions with Masa Son, who he considers a genius for his bold investment approaches.
20Product: How Linktree, Webflow and Airbnb Used Rituals and Product Principals to Guide Product Roadmap, Why All Product Teams Should Have a Scorecard and How to Use it & How to Run the Best "Product Jams" with JZ, CPO @ Linktree
In this episode of "20Product," host Harry Stebbings interviews Jiaona Zhang (JZ), CPO at Linktree. They delve into how high-performing companies like Linktree, Webflow, and Airbnb leverage rituals and core product principles to steer their product roadmaps effectively. Zhang shares her insights on the necessity of product scorecards to align teams and measure progress efficiently. The discussion also covers the concept of "Product Jams," a collaborative approach to problem-solving and innovation in product development. Zhang emphasizes the importance of speed, quality, and scope in product management, advocating for a strategic compromise on scope to enhance speed and maintain quality. The episode provides a deep dive into practical methodologies for fostering dynamic and successful product teams.
20VC: Fundraising Wisdom that is Total BS; Dilution, Meeting Associates, Taking the Highest Price, Always Be Raising | Why Second Time Founders Are More Investable & Why Not To Hire People Out of College with Dan Siroker, CEO @ Limitless
In this revealing episode of "20VC," Harry Stebbings engages with Dan Siroker, CEO at Limitless, to dissect common fundraising myths and strategies that may mislead founders. They discuss the nuances of startup valuation, the importance of negotiation, and why accepting the highest investment offer may not always be beneficial. Dan shares insights from his vast experience, emphasizing the value of understanding investor perspectives and maintaining realistic expectations about company valuation and growth. The conversation also covers the advantages and potential pitfalls of being a repeat founder, including how past experiences shape a founder's approach to business and investment.
20VC: Behind the Scenes at Y Combinator: The Interview Process | What the Best & Worst Do in the Program | Do the Best All Raise Pre-Demo Day & YC's Fundraising Advice to Startups | Why the Value is in Application Layer AI with Tom Blomfield
Harry Stebbings interviews Tom Blomfield, who dives into the inner workings of Y Combinator (YC), detailing the rigorous interview process and the characteristics of the best and worst performing startups. Blomfield discusses YC's strategic advice on fundraising and the critical role of application layer AI. The episode also touches on Blomfield’s experiences with Monzo and Gocardless, highlighting the intense realities and challenges of startup life, including difficult fundraising experiences and navigating company growth.
20Sales: How to Build Vertical Sales Teams, Why No Customer Success is BS and Everyone Needs it, How to Hire, Train and Retain the First Reps and Lessons Scaling to $2.1BN Revenue and 1,300 People with Larry Schurtz, CRO @ Genesys
Larry Schurtz, the Chief Revenue Officer at Genesys, discusses with host Harry Stebbings the nuances of setting up vertical sales teams, the indispensability of customer success, and the art of managing large teams that can achieve billions in revenue. He shares insights from his experiences at Salesforce and Confluent, emphasizing the importance of precision in hiring, the benefits of structured training, and strategic customer engagement. The discussion also covers the balancing act between sales as an art versus a science, with a deeper dive into how empathy and relationship management remain crucial amidst a data-driven approach.
20VC: GV's Tom Hulme on Why Investing in Foundation Models is like Investing in "Power Stations", The Conventional Wisdom in VC that is BS & Lessons from a 24x Angel Track Record, 255x on Robinhood and Making Billions on Uber
Tom Hulme of GV (formerly Google Ventures) shares his insights into the venture capital industry, including the significant impact of foundation models on the technology landscape. He compares investing in foundational AI models to investing in power stations due to their large-scale and foundational nature, impacting many industries. Tom discusses the conventional wisdom in venture capital that doesn't always hold up and shares his experiences and lessons from his prolific track record as an angel investor, including a 24x return on investment from companies like Robinhood and a monumental success with Uber.
20VC: Benchmark's Sarah Tavel on Are Foundation Models are Commoditising | Why Frontier Models Will Be Closed Source | Why the Value is in the Application Layer | The Future of AI is "Selling the Work" Not the Tools
In a thought-provoking discussion with Harry Stebbings, Sarah Tavel of Benchmark Capital delves into the complexities of AI development and its market implications. Tavel argues that while foundational AI models are becoming commoditized due to their high cost and computational demands, the real opportunity lies in frontier models that remain closed-source due to competitive advantages. She highlights the increasing importance of the application layer, where significant value can be captured by effectively integrating AI into user-centric products and services. The episode also touches on the strategic shift from selling software tools to selling the work produced by AI, potentially transforming how businesses operate across various industries.
20VC: The Memo: Keith Rabois and Ramp's Eric Glyman on Behind The Scenes at The Best Run Private Company on the Planet; The Tools, Tips, Secrets and Process That Drive Efficiency
In this deep dive, Harry Stebbings hosts Keith Rabois of Khosla Ventures and Eric Glyman, co-founder and CEO of Ramp, exploring why Ramp is often considered the best-run private company globally. They discuss Ramp's unique operational strategies, emphasizing the importance of operational velocity and efficiency. The conversation includes insights into Ramp’s hiring philosophies, marketing instincts, and the innovative use of AI and data analytics to streamline financial operations and enhance corporate spending efficiency. The dialogue also touches on strategic decisions, leadership qualities, and the intricate balance between rapid execution and strategic foresight.
20VC: Mark Suster on The Biggest Fundraising Lessons for VCs, Why the Correction in Venture is Still to Come, Why Private Equity Will Replace IPOs and M&A as the Exit Path & The Woke Left and a Trump Administration; What Happens?
In a revealing discussion, Mark Suster, a seasoned venture capitalist and partner at Upfront Ventures, shares his insights with host Harry Stebbings on the "20VC" podcast. They explore the ongoing adjustments in venture capital valuations post-2021's inflated levels, predicting a protracted period of market correction. Suster argues that private equity, rather than traditional IPOs or M&A, will increasingly become the primary exit strategy for startups. The conversation also touches on the current political landscape, discussing its potential effects on the venture ecosystem and broader market dynamics. Suster's perspectives are framed by his extensive experience in the VC sector, providing a clear-eyed view of the challenges and opportunities ahead.
20VC: Mistral's Arthur Mensch: Are Foundation Models Commoditising | How Do We Solve the Problem of Compute | Is There Value in the Application Layer | Open vs Closed: Who Wins and Mistral's Position
In this engaging episode of 20VC, host Harry Stebbings interviews Arthur Mensch, co-founder and CEO of Mistral. They delve into the intricacies of foundation models in AI, exploring whether these models are becoming commoditized and how the AI sector is handling the compute limitations. Mensch shares insights from his experience at DeepMind and discusses Mistral's strategic approach to leveraging AI technologies, emphasizing the importance of efficiency and customization in the application layer. The conversation also covers the impact of open-source models on the industry and the balance between maintaining an open-source ethos while managing a sustainable business model.
20Growth: Inside Dropbox, Salesforce & Heroku's Product-Led Growth Engine; What Works & What Doesn't | Why Startups Doing Paid Under $100M ARR are not PLG | Why PLG is a Business Model, Not a Go-To-Market Motion with Adam Gross, Former CEO
Harry Stebbings hosts Adam Gross, the former CEO of Heroku, for a deep dive into Product-Led Growth (PLG). Adam clarifies that PLG is not simply a marketing strategy but a comprehensive business model integral to a company’s structure. The discussion includes case studies from Salesforce, Dropbox, and Heroku, illustrating successful and failed PLG strategies. Key topics include the importance of organic customer acquisition, the risks of paid acquisition in early stages, and the necessity of innovation in customer acquisition strategies. Adam stresses that genuine PLG avoids paid channels, especially under $100 million in ARR, and depends significantly on unique, scalable customer acquisition methods. The conversation also touches on strategic growth management and the future of AI in enhancing customer experiences.
20VC: Is Speed the Most Important Thing from 0-1 | Why Hiring Inexperienced People is Better | The Biggest Lessons Scaling Zip to $1.5BN Valuation with Rujul Zaparde, Co-Founder and CEO @ Zip
In this engaging episode, Rujul Zaparde, Co-Founder and CEO of Zip, joins Harry Stebbings to discuss key strategies for startup success, focusing on speed in decision-making, the benefits of hiring inexperienced yet high-potential individuals, and crucial lessons learned while scaling Zip to a $1.5 billion valuation. Zaparde emphasizes the importance of moving quickly to outpace competition and adapt swiftly, a principle that has been central to Zip’s development. He also advocates for hiring for potential rather than experience, suggesting that less experienced individuals are more likely to bring innovative solutions to complex problems.
20VC: UiPath: The 10 Year Bootstrapping Journey that Turned into a $10BN Public Company | From a Dollar a Day to Romania's Richest Man | Happiness, Wealth, Risk and more with Daniel Dines, Co-Founder @ UiPath
Daniel Dines, the co-founder of UiPath, shares his remarkable story of transitioning from a dollar a day to becoming Romania's richest man. The episode delves into the struggles and pivotal moments of bootstrapping UiPath for nearly a decade before achieving significant financial success. Dines discusses the challenges of early business ventures, the impact of his upbringing on his career, and his philosophies on wealth, risk, and business growth. The narrative highlights UiPath's journey from generating just $500,000 in revenue after ten years to a Nasdaq-listed company with revenues surpassing $1.3 billion.
20VC: Three Core Lessons Scaling Freshworks to a $5.2BN Market Cap | Biggest Product and Pricing Lessons from Scaling to $597M in ARR | How India Can Compete Globally in Tech and AI with Girish Mathrubootham, Co-Founder @ Freshworks
Girish Mathrubootham, co-founder of Freshworks, shares his experiences and lessons learned from scaling a startup from a simple idea into a multi-product, billion-dollar company. The episode delves into the challenges of starting and growing a tech business in India, expanding globally, and competing internationally. Girish emphasizes the importance of understanding the customer's problems deeply, creating user-friendly, intuitive products, and setting pricing strategies that attract a broad customer base from SMBs to large enterprises. The episode also covers Freshworks' strategic decisions, such as adopting a low-price model initially to penetrate the market and gradually moving upmarket.