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Harry Stebbings

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.

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

Alex Rampell is a General Partner at Andressen Horowitz, where he leads their $1.7BN apps fund. Just last week, a16z announced they had raised $15BN for their latest funds, over 20% of all capital raised by venture firms. At a16z, Alex has led deals into Plaid, Mercury and OpenDoor to name a few. 
 
AGENDA:
 
04:55 How to Do 5x on a $15BN Fund Pool? 
 
09:21 What Two Groups of Funds Will Win the Next Decade in VC?
 
14:39 What Three Things Are the Best Founders Able to Do? 
 
19:22 The Best Companies Have Hostages, Not Customers
 
31:37 The Two Types of Deals You Want To Do In VC
 
38:52 The Importance of Founder/Capital Fit
 
40:34 Multiple Successive Rounds Are Dangerous… Here is Why?
 
42:13 Challenges of High Valuations
 
45:27 The Importance of Ownership in Deals
 
52:47 Is Triple, Triple, Double, Double Dead
 
58:33 Advice on Selling Companies
 
01:11:55 What is the Future of Venture Capital

20VC: a16z's $15BN Fundraise with Alex Rampell | The Best Companies Have Hostages Not Customers | The Best Founders Materialise Capital, Customers and Labour | Mid-Sized Funds with Die and The Future of Venture Capital

Luke Harries is Head of Growth at ElevenLabs, where he leads marketing, product, engineering, and developer experience. ElevenLabs has raised $281M with the latest round pricing the company at a $6.6B valuation. Previously, Luke held roles at PostHog and Microsoft, and is also an angel investor supporting startups like Lovable and Runna.
 
AGENDA: 
 
 • 

The $6.6B Growth Engine Behind ElevenLabs
 • 
 • 

Why Luke Said "No" to Investing in ElevenLabs (and Why He Was Wrong)
 • 
 • 

How ElevenLabs Makes a Horizontal Product Strategy Work
 • 
 • 

How to Build Sharded Growth Teams That Actually Scale
 • 
 • 

The 7-Part Launch Playbook That Gets 700K+ Views Per Product
 • 
 • 

The Truth About CAC, Payback, and Performance Marketing in AI
 • 
 • 

SEO Isn't Dead: The Mini-Tool Strategy You Should Steal
 • 
 • 

Kill Your Inbound SDRs—The Case for Voice AI in Sales
 • 
 • 

Why You Don't Need PMs and the Rise of Growth-Led Product Teams
 •

20Growth: The $6.6B Growth Engine Behind ElevenLabs | Why ElevenLabs Do Not Have PMs | The 7 Part Launch Playbook to Crush All Launches with Luke Harries, Head of Growth @ ElevenLabs

AGENDA:
 
04:30 Groq Acquired by NVIDIA for $20BN: The Breakdown
 
17:13 Meta's $2BN Acquisition of Manus: Did They Sell Too Early
 
36:04 OpenAI's Stock-Based Compensation Strategy
 
47:42 Will AI Replace Venture Capitalists
 
56:13 Navan Trading at 4x ARR: Who is Good Enough to Go Public?
 
01:09:46 The Rise of Invisible Unemployment
 
01:14:21 The Future of Work and Education in an AI-Driven World

20VC: Groq's $20BN NVIDIA Acquisition | Manus Acquired by Meta for $2BN | Why Sam Altman Does Not Care About Dilution | Navan Trading at 4x ARR & Why Going Public Does Not Make Sense Anymore | The Rise of Invisible Unemployment and Labour Markets in 2026

I have interviewed 1,000 entrepreneurs over 10 years. Nik Storonsky and our guest today are the two best that I have interviewed. 
 
Joining the show today; Alan Chang, Co-Founder and CEO of Fuse Energy. Alan has scaled Fuse Energy from $2M in revenue in the first year, to $20M the second year to now $400M in the third year. Like Netflix beat incumbents to own media, Revolut beat incumbents to own banking, Fuse will beat incumbents to own energy. Prior to founding Fuse, Alan was one of the first three hires at Revolut where he played a crucial role alongside Nik (Founder) in scaling the company to over $75BN valuation. 
 
AGENDA:
 
00:04:00 — The interview process that led to the $150M pay packet
 
00:05:05 — The moment I knew Revolut was going to be a $TRN company
 
00:06:10 — How Revolut drove speed and urgency in their teams
 
00:07:35 — Biggest lesson from Nik Storonsky @ Revolut
 
00:09:40 — If you want to build a generational company, you cannot have work-life balance
 
00:11:40 — What I disagreed with Nik @ Revolut on most
 
00:13:35 — Is Nik right that Revolut should have got a banking licence earlier?
 
00:15:05 — The green movement and the idea of "using less" is BS
 
00:22:55 — Why China is the shining light for regulation to follow
 
00:33:00 — What Nik at Revolut taught me about ownership and excuses
 
00:34:50 — The signs of truly top performing people in a team
 
00:36:55 — We do not have enough ambitious founders — we need to do more, not focus
 
00:39:55 — You need to work weekends to win
 
00:43:50 — Every single year we 10x revenue — now at ~$400M
 
00:44:35 — Why Eastern European engineers are the best
 
Items Mentioned in Today's Show:
 
Try NEXOS.AI for yourself with a 14-day free trial: https://nexos.ai/20vc

20VC: $0-$260M in Revenue in Three Years: How We Did It | You Need to Work Weekends to Win — Most Founders Aren't Ambitious Enough | The Revolut Playbook: Speed, Urgency, Extreme Ownership, and Zero Excuses with Alan Chang @ Fuse Energy

Matt Fitzpatrick is the CEO of Invisible Technologies, leading the company's mission to make AI work. Since joining as CEO in January 2025, he has raised $100M and accelerated AI adoption across industries from sports to consumer and government. Previously, Matt was a Senior Partner at McKinsey, where he led QuantumBlack Labs, the firm's AI R&D and software development arm.
 
AGENDA:
 
04:40 Interview with Matt Fitzpatrick: Career Journey and Leadership
 
09:35 The Single Biggest Barriers to Enterprises Adopting AI
 
15:26 It is BS That Enterprises Can Adopt AI Without Forward-Deployed Engineers
 
28:05 Are AI Talent Marketplaces Dead? What is the best model?
 
46:33 How Does the Data Labelling Market Shake Out: Who Wins/ Who Loses
 
48:27 Are Revenue Numbers for Data Labelling Real Revenue? Or GMV?
 
51:20 Best Capital Allocation Decision? What did Matt Learn from it?
 
53:19 How Important is Brand for AI Companies Selling Into Enterprise?
 
01:05:59 Remote Work vs. In-Person Collaboration
 
01:17:06 What Does No-One Know About the Future of AI That Everyone Should Know

20VC: Enterprises Will Not Adopt AI without Forward-Deployed Engineers | Who Wins the Data Labelling Race: How Does it Shake Out? | How Synthetic Data Threatens the Future of Human-Generated Data with Matt Fitzpatrick, CEO of Invisible Technologies

AGENDA:
 
03:48 Founder of the Year 2025
 
06:58 Product of the Year
 
10:05 Fund of the Year
 
20:52 Breakout Companies of 2025: Who Made the Biggest Impact?
 
26:57 Biggest Surprises of 2025
 
32:57 Predictions for 2026: Top Performing Tech Stocks of the Year
 
35:25 B2B Stocks to Watch
 
38:31 Why Salesforce Could Be the Buy of 2026
 
47:11 Google, Meta, Apple, NVIDIA, Microsoft: Buy One, Short One
 
55:38 IPO Speculations: Who Will Go Public in 2026
 
01:00:57 The Impact of AI on Employment

20VC's Big Fat Quiz of the Year: Founder, Fund and Breakout Company of 2025 | Predictions for 2026: The Company to Buy, The Biggest Short | Why Salesforce Could Win 2026 and The Tailwinds NVIDIA Will Face

Gérald Marolf is the Chief Product Officer at On Running. Gérald oversees the full range of On's shoes, apparel and accessories to make sure each delivers performance, comfort and style. Before On, Gérald spent over a decade building consumer brands with collaborators such as Microsoft and Ferrari.
 
AGENDA:
 
00:00 – Why Most "Great Products" Fail to Create Emotion
 
03:00 – How Perfume Taught Me Everything About Desire & Product
 
06:10 – The Brutal Reality of Building Physical vs Digital Products
 
16:00 – Why "Simple Design" Is Overrated and Dangerous
 
23:00 – Why Vuori is the Brand to Short in Consumer 
 
28:30 – The Biggest Product Mistake: Listening to Customers Too Much
 
32:10 – On Only Do Tennis Because of Roger Federer
 
38:30 – Were We Too Late to Marathon Running? A Painful Admission
 
43:40 – The Most Controversial Product On Has Ever Launched
 
49:00 – Are Counterfeits Good or Bad in Fashion?

20Product: On Running's CPO on How to Create Emotion Through Product | Why 99% of Products Fail and How to Create Cults Around Products | The Biggest Product Mistakes On Have Made & Lessons Learned with Gérald Marolf

AGENDA:
 
03:32 Lightspeed's $9 Billion Fundraise
 
05:20 The Impact of Mega Funds on Seed VCs
 
10:09 The Supercycle of Growth and Late-Stage Investments
 
13:06 Disney Invests $1BN into OpenAI and What It Means
 
23:19 Oracle Hit Hard: Is Now the Time to Buy
 
28:34 Broadcom's Market Cap Drop and Anthropic's AI Chip Orders
 
35:04 Cursor Competes with Figma: The Convergence of Design and Coding Tools
 
46:20 The Biggest Danger for Incumbents: Being Maimed by AI
 
55:28 Boom Supersonic Raising $300M to… Power Data Centres… WTF
 
01:00:24 Will SpaceX IPO at $1.5TRN and The Elon Option Value

20VC: Will SpaceX IPO at $1.5TRN | Will Cursor Kill Figma | Lightspeed Raises $9BN | OpenAI: $1BN from Disney, New CRO & #1 App in App Store | Oracle and Broadcom Hit: Now the Time to Buy?

David George is a General Partner at Andreessen Horowitz, where he leads the firm's Growth investing team. His team has backed many of the defining companies of this era, including Databricks, Figma, Stripe, SpaceX, Anduril, and OpenAI, and is now investing behind a new generation of AI startups like Cursor, Harvey, and Abridge.
 
AGENDA:
 
03:05 – Why Everyone is Wrong: Mega Funds Does Not Reduce Returns
 
10:40 – Is Public Market Capital Actually Cheaper Than Private Capital?
 
18:55 – The Biggest Advantage of Staying Private for Longer
 
23:30 – The #1 Investing Rule for a16z: Always Invest in the Founder's Strength of Strengths
 
31:20 – Why Fear of Theoretical Competition Makes Investors Miss Great Companies
 
35:10 – Does Revenue Matter as Much in a World of AI?
 
44:10 – Does Kingmaking Still Exist in Venture Capital Today?
 
49:20 – Do Margins Matter Less Than Ever in an AI-First World?
 
53:50 – My Biggest Miss: Anthropic and What I Learn From it? 
 
56:30 – Has OpenAI Won Consumer AI? Will Anthropic Win Enterprise?
 
59:45 – The Most Controversial Decision in Andreessen Horowitz History
 
1:01:30 – Why Did You Invest $300M into Adam Neumann and Flow?

20VC: a16z's David George on How $BN Funds Can 5×, Do Margins & Revenue Matter in AI & the Most Controversial Bet at a16z

Raaz Herberg is the Chief Marketing Officer and VP Product Strategy at Wiz, the fastest-growing cloud security company in history. As one of the first 10 employees, Raaz has helped scale the business from nothing to a multi-billion-dollar ARR business. Before Wiz, Raaz was a Senior PM working on Azure at Microsoft. 
 
AGENDA:
 
03:51 What No One Knows About The Early Wiz Days
 
09:08 Most Effective Marketing Wiz Ever Did? Lessons from it?
 
24:11 How Wiz Mastered Enterprise Sales and Product Development
 
39:12 The Value of Proof of Concept an Why Everyone Gets Them Wrong
 
44:23 Why The Best Leaders Give More Equity Than They Should
 
52:55 The Impact of COVID on Business Operations
 
01:01:33 What in AI is No One Talking About That Everyone Should Be?
 
01:07:29 Why Does Raaz Think Custom Tools Will Dominate the Enterprise?

20Growth: How Wiz Built a $30BN Brand in Enterprise | What Worked vs What Was a Mega Failure: Lessons Learned | Why Marketers Make the Worst CMOs & What To Look for in Growth with Raaz Herzberg

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

The Twenty Minute VC

20Product: How Scale AI and Harvey Build Product | Why PMs Are Wrong: They are not the CEOs of the Product | How to do Pre and Post Mortems Effectively and How to Nail PRDs | The Future of Product Management in a World of AI with Aatish Nayak

20Product: How Scale AI and Harvey Build Product | Why PMs Are Wrong: They are not the CEOs of the Product | How to do Pre and Post Mortems Effectively and How to Nail PRDs | The Future of Product Management in a World of AI with Aatish Nayak

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