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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

Jonathan Ross is the Founder & CEO of Groq, the AI chip company redefining inference at scale. Under his leadership, Groq has raised over $3B from top investors. The company has reached a valuation of nearly $7B, positioning itself as one of NVIDIA’s most formidable challengers. Previously at Google, Jonathan led the team that built the first Tensor Processing Unit (TPU), making him one of the leading architects of modern AI hardware.
 
AGENDA:
 
00:00 The Future of AI and Compute
 
05:07 Why the Hyperscalers Have to Keep Spending Recklessly on AI
 
12:49 Why OpenAI and Anthropic Will Have to Build Their Own Chips
 
19:47 OpenAI and Anthropic Will be $5BN Companies: The Bull Case
 
29:50 Why China is Behind the US in AI and Deepseek is More Expensive to Run
 
33:55 How Europe Could Compete in AI and Why the US is More Risk Averse Than Europe
 
42:51 Why AI Will Lead to Too Many Not Too Few Jobs
 
43:19 Deflationary Pressures and New Job Markets
 
45:51 The Future of Vibe Coding
 
47:14 Why AI Companies Should Strive to Have Low Margins
 
49:31 Why We Have to Have Nuclear Energy and How to Bring it Back
 
56:55 How Permits are Ruining the Potential of AI
 
01:03:58 Why OpenAI and Anthropic are so Undervalued
 
01:16:53 Quickfire: Biggest Fear, Nvidia: $10TRN, Zuck Buying AI: Work or Not

20VC: OpenAI and Anthropic Will Build Their Own Chips | NVIDIA Will Be Worth $10TRN | How to Solve the Energy Required for AI... Nuclear | Why China is Behind the US in the Race for AGI with Jonathan Ross, Groq Founder

James Gibson is Head of Revolut Business. Under his leadership, Revolut Business now processes over $33 billion in monthly transaction volume and generates more than $1BN in annualised revenue. 
 
AGENDA: 
 
04:10 Is Consulting the Worst Background for Aspiring PMs
 
07:09 How Revolut Hires for it’s Product Team
 
17:21 How Revolut Sets Goals: What Works, What Does Not
 
19:37 How Revolut Structures Their Product Teams
 
22:13 How Revolut Structures Product Review Sessions 
 
27:23 New Bets Process at Revolut
 
29:11 How Revolut Balances Super Users and General Customers
 
36:55 How Revolut Drives Product Velocity and Efficiency
 
39:26 Future of Product with AI
 
44:56 Quick Fire Questions and Reflections

20Product: Revolut Business $1BN Revenue: Five of the Biggest Product Lessons | How Revolut Structures Product and Design Teams | How Revolut Experiments and Invests in New Product Bets | How Revolut Ships Product So Fast with James Gibson

AGENDA:
 
00:00 Why I am 100% Equities and 0% Cash
 
04:35 Nvidia's Massive $100BN Investment in OpenAI
 
08:39 Is Anthropic Negatively Positioned by OpenAI Gaining NVIDIA Investment
 
27:30 Is Triple, Triple, Double, Double Dead
 
44:00 Navan Files to Go Public at $8BN
 
49:31 Lockup Periods and Liquidity
 
50:35 Impact of H-1B Visa Changes on Startups
 
01:02:42: Notion Hits $500M ARR Re-Accelerating
 
01:09:42 Why Founder Friendly is Total BS Today

20VC: NVIDIA Invests $100BN Into OpenAI | Is Triple, Triple, Double, Double Dead | Navan Files to go Public & Notion Hits $500M ARR | The Impact of H1B Visas on Startups in the US

Hemant Taneja is the CEO and leader of General Catalyst, the firm he has scaled over the last decade into one of the largest with over $40BN in AUM. He has been one of the most influential investors of the past two decades, leading early bets in Stripe, Snap, Gusto, Samsara, Grammarly, and Canva. He also played a pivotal role in Livongo’s $18.5B merger with Teladoc, one of the largest digital health deals in history.
 
AGENDA: 
 
00:00 Introduction 
 
03:37 Is Hemant a CEO or an Investor?
 
05:42 With $40BN AUM Is General Catalyst Still a VC Firm?
 
12:11 Has Trump Done More to Hurt or Help the US?
 
13:25 No One is Talking About the True Impact of AI on Jobs
 
21:30 Is Hemant Concerned by the Concentration of Value in MAG 7? 
 
27:30 Has Trump Done More to Hurt or Help the US?
 
30:27 GC’s Anthropic Investment: Upside from a $60BN Price 
 
37:06 Do Margins Matter in a World of AI
 
45:23 Does Revenue Growth Matter in a World of AI 
 
49:39 Why it is BS to Turn Down a Company Based on Price
 
56:06 We Have Invested $5BN Into Stripe Over 14 Rounds
 
01:00:02 VC is About To Be Flooded with Retail Investment: What Does It Mean for VC
 
01:08:51 “What I Learned Losing the Series A of Snap, Stripe, Samsara”
 
01:11:25 Future of Venture Capital: Walmart vs Chanel

20VC: General Catalyst CEO Hemant Taneja on The Future of Venture Capital: Chanel vs Walmart | Lessons Scaling GC to $40BN in AUM | Investing $5BN+ Into Stripe Over 14 Rounds | Investing Hundreds of Millions into Anthropic at $60BN Valuation

Jesse Zhang is the Co-Founder and CEO @ Decagon, the conversational AI platform for customer experience. As one of the fastest growing companies in the valley, they have raised over $230M at a last round price of $1.5BN. Prior to Decagon, Jesse founded Lowkey (acquired by Niantic), studied CS at Harvard, and worked at places like Google, HRT, Citadel, and Intel.
 
AGENDA:
 
00:00 Introduction and Sponsor Messages
 
03:43 Olympiad Mathematician to Startup Founder
 
05:34 Selling to Niantic and What I Did Differently the Second Time
 
07:16 Why 90% of Founders Build Companies the Wrong Way
 
12:19 Scaling to $50M ARR in 15 Months
 
31:31 Is the AI Talent War Out of Hand: How To Compete with Meta Pay Packets
 
32:38 Why Remote Work is Total BS
 
34:06 Competitors in AI Customer Experience: Sierra, Intercom and more
 
37:34 AI Market Predictions
 
44:56 Embracing Stress and Winning Culture
 
50:13 Quick Fire Questions: Most Underrated AI Founder, Biggest Changed Opinion

20VC: Why 90% of Founders Build Startups Wrong | Why AI Growth Rates are Sustainable & Remote Work is BS and the AI Talent War | Competing with Brett Taylor and Sierra: Who Wins the Customer Service War with Jesse Zhang, Decagon

AGENDA:
 
00:00 Opendoor's Potential and Market Valuation
 
03:32 Why Did Kaz Leave $300M on the Table to Join Opendoor
 
04:44 Why Does Kaz Believe OPEN Can Be a Good Business When the Market Doesn’t
 
06:34 How does Kaz Feel About OPEN Becoming a Meme Stock?
 
17:25 Kaz’s $0 Salary but $1BN Stock Based Compensation
 
23:41 Oracle and OpenAI Partnership: WTF is Going On?
 
42:21 Microsoft's Investment in OpenAI: A Financial Perspective & Who Has the Power
 
44:46 Why Sam Altman is the Greatest Politician of our Time
 
48:33 How Anthropic’s Revenue Could Go to Zero Overnight?
 
50:12 Replit Raises $250M at $3BN Valuation and Higgsfield Raises $50M at $50M ARR
 
01:06:33 IPO Insights: Figure, Gemini, and Via All Go Public
 
01:11:26 Why Adobe Have Failed in an Age of AI and What Incumbents Have To Do?
 
01:13:20 Quick Fire Round: Adobe Up or Down by EOY? What Price Will OPEN Be EOY?
 
Try NEXOS.AI for yourself with a 14-day free trial: https://nexos.ai/20vc

20VC: Opendoor's CEO on The Greatest Turnaround in Tech | OpenAI and Oracle: How Can Either Afford to Do This | How Anthropic Could Lose 50% of Their Revenue Overnight | Replit Raises at $3BN | Figure, Gemini & VIA IPOs Broken Down

Brendan Foody is the Co-Founder and CEO @ Mercor, the fastest growing company in history. The company solves talent allocation in the AI economy and they have scaled from $1M to $500M in revenue in just 17 months. With a rumoured new funding round pricing the company at a whopping $10BN, the company has the likes of Benchmark, Felicis, Emergence, and of course, 20VC, all on their cap table. 
 
AGENDA: 
 
04:34 Why My Mother Thought I Was Selling Drugs as a Kid
 
07:48 In The Time My Peers Graduated, I Created a $10BN Business; Is College Worth it?
 
10:27 Scale, Surge, Mercor, Turing: How Do Data Providers Differentiate
 
20:57 Scaling from $1M to $500M: We Quadrupled Since Scale was Acquired
 
33:43 Is There Too Much Cash in Private Markets?
 
34:55 Why Evaluation Benchmarks in AI are Total BS
 
35:44 Revenue Sustainability in AI Companies
 
36:48 Should Investors Give a S*** About Margins When Analysing AI Companies
 
40:46 The Future of AI Model Providers: Who Wins
 
45:58 You Cannot Create a $10BN Company without 9-9-6 Work Culture
 
48:56 We Literally Have Too Much Money, We Cannot Spend It… 
 
52:36 Quick Fire Round: OpenAI vs Anthropic, Lessons from Peter Fenton and Jack Dorsey

20VC: Mercor: From $1M to $500M in 17 Months: The Fastest Growing Company in the World | How to Think About Margins and Revenue Sustainability in AI | Why Evaluation Benchmarks in AI are BS Today with Brendan Foody

Amit Bendov is Co-Founder & CEO of Gong, the leading AI-sales platform. The company has raised over $600 million from some of the best in the world including Sequoia, Thrive, Salesforce and more. Gong has surpassed $300M in ARR, serves thousands of customers (including multiple Fortune 10s), and is valued at over $7BN. 
 
AGENDA: 
 
00:00 – Why CRM Was Always a Lie and Gong’s Secret Insight
 
04:30 – Will AI Kill Salesforce? Mark Benioff’s Nightmare
 
08:15 – Why 99% of VCs Said No to Gong’s Seed Round
 
12:00 – The Shocking Trial Close That Changed Everything
 
18:00 – Can AI Make Every Seller Perform Like LeBron?
 
20:30 – Will Sales Software Shift from Software Budget to Human Labor Budget?
 
25:00 – Why AI SDRs Are “Stupid” and Bound to Fail
 
35:00 – Gong’s Darkest Hour: Shrinking, Churn, and Losing Muscle
 
41:30 – The Re-Acceleration Playbook: How Gong Got Back to Hypergrowth
 
54:00 – Would Amit Ever Sell Gong—or Take It Public?

20VC: Why AI SDRs are BS and Do Not Work | How to Use AI in Your Sales Team and Process to Win Today | What Skills Do All New Reps Need to Have in an AI First World with Amit Bendov, CEO @ Gong

AGENDA:
 
[00:05] Musk’s $1 Trillion Pay Package: The Breakdown?
 
[00:15] Scale, Windsurf: Are Founders Just Mercenaries Chasing Cash Today?
 
[00:21] Ramp at $1B ARR, Brex at $700M — Is AI Causing All Boats To Rise?
 
[00:26] Sierra at $100M ARR Worth $10B — Bubble or Brilliant Bet?
 
[00:30] Kleiner Perkins Invests $100M into Anthropic at $183BN… WTF?
 
[00:36] $10B in OpenAI Secondaries — What Happens When 1,000 New Millionaires Hit SF?
 
[00:40] Anthropic Pays $1.5B to Authors — Fair Deal or Pure Piracy?
 
[00:44] Why Did ASML Just Invest into Mistral at $14BN?
 
[00:52] Atlassian Buys the Browser Company for $610M — Genius Move or Panic Buy?
 
[01:18] IRL CEO Arrested for Fraud: Is More To Come?

20VC: Musk's $TRN Pay Package Broken Down | Ramp Hits $1BN ARR and Brex Hits $700M: Who Wins | OpenAI's $10BN Secondary Sale | Atlassian Buys The Browser Company for $610M | ASML Lead Roun into Mistral at $14BN Valuation

Mati Staniszewski is the Co-Founder and CEO of ElevenLabs, the world’s leading AI voice platform. Since launching in 2022, ElevenLabs has raised over $350M, most recently at a $3.3BN valuation, making it one of Europe’s fastest AI unicorns. The company counts Andreessen Horowitz, Nat Friedman, Daniel Gross, and Sequoia Capital among its backers. Today, Mati announces that the company has hit a staggering $200M ARR. ElevenLabs took 20 months to hit $100M ARR. 10 months to hit $200M ARR. Can they do $300M in 5 months…
 
AGENDA: 
 
[00:00] $100M in 20 Months?! ElevenLabs Untold Growth Story
 
[12:20] Are AI Models Already Plateauing—or Just Getting Started?
 
[14:00] Why OpenAI Can’t Beat ElevenLabs 
 
[17:30] The Talent Wars: How Do You Retain World-Class AI Researchers?
 
[23:10] PR vs Product: Why Most Startups Botch Their Launch
 
[36:00] Are U.S. VCs Playing a Different Game Than Europe?
 
[44:00] The Real Cost of AI: Why ElevenLabs Built Its Own Data Centers
 
[59:00] Voice Agents = Multi-Billion Dollar Business of the Future?
 
[01:05:00] Buy OpenAI or Anthropic? Which Foundation Model Wins?
 
[01:09:30] Europe: Strengths, Weaknesses and What Needs to be Done

20VC: ElevenLabs Hits $200M ARR: The Untold Story of Europe's Fastest Growing AI Startup | The Real Cost of AI from Talent to Data Centres | How US VCs are in a Different League to Europeans | The Future of Foundation Models with Mati Staniszewski

Agenda:
 
04:00 – Anthropic Raises $13BN: The Analysis?
 
19:00 – Is Zuck’s $14BN Scale bet the biggest blunder in AI?
 
27:00 – Lovable Raising at $4BN and Vercel at $9BN: Justified or Madness?
 
36:00 – Quarterly Results for Snowflake, Mongo, Okta, Zoom Skyrocket: Is B2B SaaS back from the dead?
 
48:00 – Is Jensen Huang right there will be $4TRN in AI gains?
 
57:00 – Will AI wipe out SaaS margins with 10% GPU taxes? Or is Notion the exception?
 
Items Mentioned in Today's Episode:
 
Try NEXOS.AI for yourself with a 14-day free trial: https://nexos.ai/20vc

The Twenty Minute VC

20VC: Anthropic Raises $13BN | Why Canva Will Not Direct List | OpenAI Buys Statsig for $1.1BN All Stock | Lovable Raising at $4BN + Vercel at $9BN: Justified or Not | Quarterly Results from SNOW, Mongo, ZOOM and more

20VC: Anthropic Raises $13BN | Why Canva Will Not Direct List | OpenAI Buys Statsig for $1.1BN All Stock | Lovable Raising at $4BN + Vercel at $9BN: Justified or Not | Quarterly Results from SNOW, Mongo, ZOOM and more

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