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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

AGENDA:
 
00:00 - ANTHROPIC VS. THE PENTAGON: The Billion Dollar Supply Chain War
 
07:11 - B2B PANIC: Why Leading Companies Are Losing Deals to OpenAI
 
12:19 - THE ANTHROPIC ENDGAME: Will Claude Eclipse ChatGPT?
 
17:39 - THE DATA CENTER ARMS RACE: Is the AI Hype Cycle Finally Dead?
 
24:43 - 24/7 PERSISTENT AI: Why You'll Soon Need Data Centers in Space
 
30:37 - THE DEATH OF THE JUNIOR: Why Entry-Level Jobs are Vanishing
 
41:55 - AGENT-LED GROWTH: The Secret Reason Startups are Exploding in 2026
 
46:58 - THE ERA OF GENTLE DECELERATION IS DEAD: Public Markets Turn Brutal
 
55:54 - FIGMA MAKE IS TERRIBLE? The Failure of Quarterly Software Releases
 
01:00:54 - THE ULTIMATE STOCK PICKS: What to Buy and Sell Right Now

20VC: Anthropic vs The Pentagon: Who Wins | The Ultimate Stock Picks: What to Buy | The Data Centre Arms Race: Is the Capex War Stalling | The Era of Public Company Deceleration is Dead

Miles Clements is a Partner @ Accel where he helps to lead their growth fund. At Accel, Miles has led or invested in Atlassian, Cursor, Linear, and more. 
 
AGENDA: 
 
03:38 Where is True Alpha and Value in a World of AI 
 
05:10 Why it is Total BS that Cursor is Dead
 
07:55 Why Cursor Were Not Wrong to Build Their Own Models
 
09:38 What is the Upside When Investing in Cursor at $27BN?
 
15:12 Do Sub $10BN Outcomes Even Matter to a Fund the Size of Accel?
 
17:07 Losing ServiceTitan: Investing Lesson Learned…
 
19:55 Missing Rippling: What We Learned
 
27:20 What is Accel's Win Rate
 
30:22 How VCs Approach Ownership Has Changed
 
35:09 Does Miles Feel Happier or Sadder to be an Anthropic Investor Post Pentagon Debacle
 
36:45 What Happens to Companies Like Miro and Snyk with High Prices to Live Upto?
 
38:05 Why it is a Great Time to Be Thoma Bravo and Vista 
 
38:36 Why Founder-Led Companies Are Always Better
 
41:12 Why Would Any Founder Go Public Today
 
43:48 When is the Right Time to Take Chips Off The Table?
 
45:24 Should VC Firms Have Evergreen Funds and Be Responsible for Public Positions
 
50:28 You Can Pick Any VC to Join Accel, Who Does Miles Choose…

20VC: Inside Accel's $4BN Growth Investing Machine | Cursor is Dead is Total BS: Here is Why | What Missing Rippling and ElevenLabs Taught Us | Are $2BN-$10BN IPOs Dead | Why Now is a Great Time to be Thoma Bravo with Miles Clements

Mitchell Green is a legendary growth equity investor and the Founder and Managing Partner of Lead Edge Capital, a firm with over $5 billion in assets under management. Known as a relentless "money maker", Mitchell has led investments in the likes of Bytedance, Toast, Procore, Duo Security and more.
 
AGENDA:
 
0:00 The SaaS Apocalypse: Why Incumbents Aren't Going to Zero
 
05:50 "Dead Money": Why Public Software Estimates Were Too High
 
08:15 Leverage is the Enemy: Lessons from the 1999 Retail Crash
 
11:50 The Truth About Growth Equity: Zeroes vs. 10X Returns
 
15:40 Mainframes to AI: Why Oracle and SAP Will Thrive
 
20:35 The "Stock-Based Comp" Scandal: Silicon Valley's Hidden Crime
 
24:35 ByteDance vs. The World: Why China Could Win the AI War
 
31:50 Selling is the Job: Why Buying is the Most Glamorous Part of VC
 
35:45 Too Many Tourists: Why 50% of VCs Shouldn't Be in the Business
 
44:10 The Gross Dollar Retention Rule: The Only Number That Matters in SaaS

20VC: Why the SaaS Apocalypse is BS | Why China Will Win the AI War | Why 50% of VCs Should Not Exist and are Tourists | Why Stock-Based Comp is the Hidden Sin of the Valley with Mitchell Green, Lead Edge Capital

AGENDA: 
 
04:13 Anthropic vs The Pentagon: Who Wins
 
13:54 Was Sam Altman Wrong to Take the Deal 
 
24:28 OpenAI's $110BN Mega Round: The Breakdown
 
28:22 Who Has a Bigger Valuation Premium: Sam Altman or Elon Musk
 
34:38 Why We Got the SaaS Apocalypse Wrong?
 
43:24 Why Salesforce Could be the Best Buy in Public Markets
 
47:46 Block Lays Off 40% of Team: AI or Overhiring
 
01:00:16 Cursor Hits $2BN in ARR… so not Dead?
 
01:18:15 How to Pick Winners in AI?

20VC: Anthropic vs The Pentagon: Who Wins | OpenAI's $110BN Mega Round | Cursor Hits $2BN in ARR | Block's 40% Headcount Reduction: AI or Overhiring

Monday has been hit harder than almost any other public SaaS company. With $1.3BN in ARR, the company is valued at just $3.8BN; a more than 60% fall since IPO. Today, Eran Zinman, Monday's CEO joins Harry Stebbings in the hotseat to walkthrough six of the biggest threats to Monday's business; what is real, what is not and what are the unknowns. 
 
AGENDA:
 
05:47 Six Threats Monday Faces Today 
 
07:04 Threat #1: Vibe Coding: Will Companies Vibe Code Everything
 
11:24 Threat #2: Will OpenAI and Anthropic Own the Application Layer 
 
13:52 Threat #3: Will Agents Turn Monday and Salesforce into a Database
 
18:43 Why is Monday Adding 15% Headcount When Everyone is Cutting?
 
21:40 How Monday is Using AI to be More Efficient
 
27:49 What Happens to Seat Pricing? What Comes Next?
 
34:17 What No One Sees About Enterprise AI Adoption
 
37:13 How Google AI Overview Smashed 10% of our Customer Acquisition
 
38:49 If Bullish on Monday, Why Has Eran Not Bought More Stock…
 
40:38 How to Manage Internal Morale When Stock is Down 60%
 
44:08 Do Private Companies Have Advantages Public Companies Do Not Have
 
47:28 With $1.5BN in Cash, Why is Eran Not Buying More Companies…
 
53:30 What is the Most Offensive Bet Eran Would Like to Take?
 
57:13 Quickfire: Marriage, Biggest Short, Mentors

20VC: Monday.com CEO on Is SaaS Dead: Will Everything Be Vibe Coded | Will Systems of Record Become Valueless Databases in an Agentic World | Will LLMs Own the Value in the Application Layer with Eran Zinman

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. 
 
AGENDA:
 
03:50 There is an AI Tsunami Beginning
 
05:43 Cursor is F***** and Everyone Knows It
 
07:28 How Open Source Will Crush in an Agent First World
 
10:20 Is NVIDIA F****
 
17:32 Are Systems of Record Dead in an Agent-First World
 
21:04 Humans Will Not Buy Software, Agents Will…
 
24:57 Universal Basic Income Will Have to Happen, Mass Unemployment is Coming
 
30:54 What Happens to Tech Private Equity: Is Thoma Bravo F******
 
37:50 What Single Decision Does Jerry Regret Most… Why?
 
41:45 Single Biggest Mistake With Insight… What Did Jerry Learn?
 
45:26 Why is Now the Best Time to Start a Fund
 
47:03 The Twitter Bet that Made $90BN Insight
 
49:34 Biggest Marriage and Parenting Advice
 
56:04 Will Agents Help Us Live Forever

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

AGENDA:
 
03:55 Anthropic Security Product Wipes Billions Off Public Markets
 
11:17 Do Agents Turn SaaS Incumbents into Valueless Databases
 
22:07 Anthropic Secondary Sale Makes Hundreds Decamillionaires
 
23:20 Citrini Research Piece: Everything You Need To Know
 
26:04 Will DoorDash Be Replaced by Agents
 
34:22 Will "Ghost GDP" Soften Consumer Spending Power
 
42:46 Why No Public Company Has Created a Good Agent Product
 
47:19 Is Tech Private Equity and Thoma Bravo F***** in this Market
 
51:05 OpenAI Massively Increases Spending Plans: Analysis
 
56:24 Figma Fights Back: Earnings Through the Roof
 
01:02:12 Momentum Versus Value: Four Public Stocks to Buy
 
01:09:30 Jack Altman Joins Benchmark Capital

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

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. 
 
AGENDA:
 
04:23 Why Public SaaS Is Getting Crushed in the AI Wave
 
06:01 How to Find Value in the Deluge of Public SaaS
 
10:34 Durability of Revenue in AI
 
17:42 Market Size vs. Founder Quality: What Wins?
 
19:04 Why Price is the Last Thing to Matter
 
24:58 Mega-Funds Math: Can $5B+ Funds Still Generate Venture Returns?
 
28:04 What Returns Are 'Enough'? Why 3x Isn't Exciting at Growth
 
30:34 When Double-Downs Go Wrong: Overestimating TAM and Multi-Product Expansion
 
33:03 Margin Matters… But at Scale: AI Gross Margins, Cost Curves & Efficiency
 
36:42 Why it has never been harder to be a seed investor
 
39:25 Is 'Kingmaking' a Myth: When Capital Helps (and When It Hurts)
 
44:12 Is Canva Really a Platform Company? Multi S-Curves and Leaning into AI Early
 
46:05 Lessons from Mary Meeker: Modeling, Storytelling with Data, and Not Missing the Forest
 
48:27 Lessons from Mamoon Hamid: Spotting Inflection Points with Minimal Data (Figma Story)
 
49:54 LP 'Pick One' Games: Mamoon Hamid, Mary Meeker, Insight Partners
 
51:41 OpenAI vs Anthropic: Who Wins?
 
56:52 Most Memorable Founder Meeting: Harvey and Founder-Market Fit
 
59:00 Career Decisions & Misses: Leaving Insight, Missing Anduril, and Looking Ahead

20VC: Inside Coatue's $70BN Machine: Why Price Matters Least | Why Mega Markets are the Most Important | How to Assess Durability of Revenue and Margins in AI with Lucas Swisher

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. 
 
AGENDA:
 
05:13 Will Coding Be Automated? Why AI Could Create More Engineers, Not Fewer
 
07:17 Do We Need PMs? The "Undefined" Product Role and When It Matters
 
08:06 The Real AGI Bottleneck: Human Prompting, Validation, and "Too Much Effort"
 
13:04 Three Phases of Agents: Coding → Computer Use → Productized Workflows
 
13:52 Enterprise Reality Check: Security, Permissions, and Safe Agentic Browsing
 
17:57 Is Inference the New Sales and Marketing? 
 
18:49 What % of Codex Was Written by AI?
 
21:33 Do OpenAI Use AI for Code Review?
 
23:31 Is there any stickiness to AI coding tools?
 
28:22 What Does "Winning" Mean at OpenAI? Mission, Competition, and Moats
 
32:04 The Future UI: Chat or Voice
 
34:10 Agent-to-Agent Workflows: Designing for Approvals, Compliance, and Automation
 
35:39 Do Coding Models Have a Data Moat?
 
36:50 How does Codex View Data: Will They Build Their Own Mercor and Turing?
 
37:27 How Does Codex View Consumer: Will They Compete with Lovable?
 
41:56 Benchmarks vs "Vibes": How People Actually Judge Models
 
42:43 Cursor's Edge and the Case for Building Your Own Models
 
47:37 Is SaaS Dead? What Still Defends Value (Humans + Systems of Record)
 
51:28 Talent Wars and Career Advice for New Engineers in the AI Era
 
01:01:03 Guardrails, the Fully AI-Managed Stack, and a 10-Year Vision for Everyone

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

AGENDA:
 
04:14 Anthropic's $30B Raise at $380B
 
06:18 Why SaaS Stocks Keep Getting Crushed
 
18:15 Wall Street's New Religion: AI Replaces Headcount 
 
22:42 The Bear Case for Shopify: What Could Go Wrong?
 
31:51 Replit and Lovable are Proof Figma Missed Out: Figma; Buy or Sell? 
 
48:42 Stripe Raises at $140BN: Is Stripe Wildly Overvalued or Adyen Undervalued? 
 
54:36 OpenAI Buys OpenClaw
 
01:06:28 Thrive's $10B Growth Fund
 
01:09:10 Arif Janmohamed Leaves Lightspeed for New Firm
 
01:17:12 Workday's Founder Returns as CEO: Will it Work? 
 
01:20:34 Which Founder Returns Next: HubSpot, Twilio, Gitlab?
 
01:24:03 Is Monday.com a Screaming Buy?
 
01:28:25 Jason and Harry Bet $200,000

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?

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. 
 
AGENDA:
 
0:00 The Truth About Going Public After 11 Years
 
5:50 Why We Couldn't Wait: The Real Reason for the IPO
 
8:15 Disrupting the Giants: Amex, Concur, and the $1T Opportunity
 
11:50 "If We Don't Build This, We're Dead": Seeing ChatGPT Early
 
18:35 Why Navan Built Their Own Customer Service AI 
 
23:45 Why Infrastructure is Overrated (and What Actually Matters)
 
28:55 Vibe Coding: How We Rebuilt Our Product in 6 Hours
 
34:55 Are Any Public Company CEOs Actually Happy?
 
38:50 Lessons from Robinhood: Energy, Ethics, and the Stock Price
 
45:10 The Cost of Success: $1B Mistakes and Parenting Regrets

The Twenty Minute VC

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

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

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