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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

Byron Deeter is a Partner at Bessemer Venture Partners, and one of the most renowned SaaS investors. Byron has led 19 unicorn investments, including IPO successes like ServiceTitan, Procore, Twilio, Box, Gainsight, Intercom, DocuSign, SendGrid. His portfolio includes eight companies that have gone public. Insane. 
 
Agenda:
 
00:00 – Why are the stakes in AI higher than ever before?
 
05:20 – Is defensibility in AI gone for good?
 
07:40 – Do margins even matter when backing the next Anthropic or Perplexity?
 
09:50 – How does Byron think about future dilution when investing in AI today?
 
12:10 – With 40% of venture money going to 10 deals, is there any point investing elsewhere?
 
13:40 – Is vertical SaaS dead? Is there any point when the large players can own it?
 
18:00 – Will AI shift from the tech budget to the human labor budget and unlock trillions?
 
21:10 – Are we entering the era of billion-dollar businesses built by 10 people?
 
25:20 – Is treble-treble-double-double now too slow for AI companies?
 
33:10 – In today’s AI gold rush, is it better to scream the loudest or just build the best product?
 
41:10 – What specific growth rates are best in class, good and not good enough today? 
 
55:00 – Is venture now just a game of scale — Chanel vs. Walmart?

20VC: Do Margins Matter in AI? | Is Defensibility Gone For Good? | Is Vertical SaaS Dead in a World of AI | What SaaS Rules Are BS and No Longer Apply in a World of AI | The Future of Venture: Why Chanel vs Walmart is BS with Byron Deeter

Agenda:
 
00:00 – Databricks hits $100B: Bubble or just the beginning?
 
03:15 – Is Databricks actually undervalued at 25x revenue?
 
07:40 – Are we on the verge of the biggest IPO wave ever?
 
11:30 – Can Andreessen’s Databricks bet return $30B+?
 
18:10 – Who really gets rich when mega-unicorns IPO?
 
19:30 – Is the return of Chamath’s SPACs the ultimate bubble signal?
 
28:00 – Should OpenAI staff be cashing out billions in secondaries?
 
33:30 – Founder raises $130M… then walks away. Is this the new normal?
 
36:30 – Nubank’s $2.5B profit: The best FinTech in the world?
 
48:00 – On Running at $15B: Can consumer brands still be VC-backed rockets?
 
52:00 – CoreWeave takes on $11B in debt: smart bet or ticking time bomb?
 
1:11:00 – Will AI spend really hit trillions—or is it all hype?

20VC: Databricks at $100BN | Chamath’s SPAC Revival: Peak Mania? | OpenAI Staff Cash Out Billions & Sam Altman Will Spend Trillions | CoreWeave’s $11B Debt Bet & Nubank’s $2.5B Profit Shocker

Anton Osika is the Co-Founder and CEO @ Lovable, the fastest growing company on the planet. In just 7 months, they have scaled from $0 to $120M in ARR. They have raised over $200M in funding from some of the best including Accel, Creandum and 20VC. Their latest round priced the company at a whopping $2BN. 
 
Agenda for Today:
 
00:00 – Is AI an Arms Race… Or Just a Talent War?
 
03:45 – How Does Anton Compete with Zuck’s $100M Packages for Talent
 
07:30 – Founder Mode vs. Structure: Can Chaos Scale?
 
10:15 – The Brutal Truth About Defensibility in AI Startups
 
13:20 – Unit Economics: Are AI Companies Doomed to Bleed Cash?
 
17:00 – GPT-5: Game-Changer or Overhyped Disappointment?
 
20:10 – How Lovable Hit $100M ARR in Just 7 Months?
 
25:15 – Replit, Figma, Bolt: Which Competitor is the Best?
 
30:00 – The Security Bombshells No One Talks About
 
36:40 – Should Anyone Still Study Computer Science?
 
40:30 – Work-Life Balance Is Dead: Inside Anton’s 10x Culture
 
56:00 – OpenAI, Anthropic, or Grok: Who Wins the AI Wars?

20VC: Lovable CEO Anton Osika on $120M in ARR in 7 Months | The Honest Truth About Defensibility and Unit Economics for AI Startups | The State of Foundation Models: Long Grok, Short OpenAI, Why | Replit vs Lovable vs Bolt: What Happens

Max Junestrand is the Co-Founder and CEO @ Legora, the collaborative AI powering the next generation of lawyers. Now this is an insane story for many reasons; first, Max turned down a multi-million dollar career in gaming to build Legora. Second, he has raised from the best of the best including Benchmark and IVP. Third, he has scaled the firm with 1/6th of the capital of his closest competitor, Harvey have raised a reported $800M while Legora have raised just $120M. 
 
Agenda:
 
00:03 – From Pro Gamer to AI Founder: How World of Warcraft Shaped Max’s Mindset
 
04:58 – The $5–10M Gaming Career He Walked Away From
 
07:55 – Are AI Models Plateauing… or Just Getting Started?
 
10:02 – Swarms of LLMs: The 100x Cost Bet That Could Change Legal Forever
 
12:00 – Partnering With the Lawyers You’re “Killing”
 
15:00 – How He Cracked Sweden’s Hardest-to-Enter Law Firm
 
21:45 – The $500K Coffee That Saved the Company at YC
 
30:00 – Closing 15 Term Sheets in 7 Days – Why Benchmark Won
 
36:00 – Beating a $5BN Rival With a Fraction of the Funding
 
53:50 – Building a Cult Culture: The 9-9-6 Mentality in Europe

20VC: 15 Term Sheets in 7 Days and Choosing Benchmark | Harvey vs Legora: Who Wins Legal and How to Play When You Have $600M Less Funding | Are AI Models Plateauing Today | Building a 9-9-6 Culture From Stockholm with Max Junestrand

AGENDA:
 
00:04 – Was GPT-5 the Biggest AI Letdown Yet?
 
00:17 – Is OpenAI’s Real Target Anthropic’s $6B Revenue?
 
00:22 – Why Anthropic Might Secretly Be Worried
 
00:28 – The Hidden Business Strategy Behind OpenAI’s “Underwhelming” Launch
 
00:32 – Should Perplexity Really Try to Buy Chrome for $34.5B?
 
00:35 – The $3B N8N Deal: Genius Bet or Bubble FOMO?
 
00:38 – Why Datadog’s Best Quarter Ever Still Tanked the Stock
 
00:44 – Palantir’s 50% Growth at Scale – Can It Last? Is Palantir Overpriced?
 
00:53 – Shopify’s Ruthless Path to 91% Revenue Growth With 30% Fewer Staff
 
01:01 – Are Seed and Series A Valuations Now at Dangerous Highs?
 
01:06 – What Does The Highest Levels of Capital Concentration Mean For Early Stage Founders?
 
01:15 – Could Palantir Hit a $2 Trillion Market Cap by 2030?

20VC: GPT5: Sam Altman's Masterplan or a Gift To Anthropic | Palantir & Shopify Crush Earnings | Monday & Datadog Perform But Hit Hard by Wall St | Should Perplexity Buy Chrome for $34.5BN |

Martin Mignot is a Partner at Index Ventures, the best-performing fund in the world right now. In the last three months, they have sold Wiz for $ 32 billion, sold Scale for $14.9 billion, and IPO'd Figma as the largest investor. In addition to this, they are the largest or second-largest shareholders in Roblox, Revolut, Adyen and Datadog. 
 
Agenda for Today:
 
00:00 – Why Gross Margin is the Biggest Sin in the Early Days
 
04:50 – Why Most People Shouldn’t Become VCs
 
07:40 – Why it is BS to Suggest the Future of VC is Boutique vs Mega Fund
 
09:10 – Do Multi-Stage Funds Really Give a S*** About Seed
 
13:50 – The Founder Trait That Trumps Market Size Every Time
 
18:45 – How Spotify Still Haunts Index Ventures & What They Learn From It?
 
28:50 – The Brutal Truth About European vs. U.S. Founders
 
34:20 – The Case for a European AI Giant (and Who Might Build It)
 
40:50 – The Return of the 7-Day Founder Work Week
 
52:10 – Biggest Lessons from Leading Revolut’s Series A
 
56:40 – Betting Against Nick Storonsky? Don’t.
 
1:03:10 – The One Competitor Index Ventures Admires

20VC: Figma, Scale, Wiz: Inside Index's Decacorn Factory | Decision-Making, Investment Process, Biggest Lessons, Biggest Misses | Why Gross Margin is a Fallacy at Seed | Never Turn Down a Deal on Price with Martin Mignot, Partner @ Index Ventures

Peter Rahal is the Co‑Founder & CEO of David Protein, the highest protein‑to‑calorie ratio for any protein bar on the market. Peter has raised over $85M from Greenoaks, Dr. Peter Attia and Dr. Andrew Huberman with the latest round valuing the company at $725 million. The company is poised for over $100 million in first‑year revenue. Formerly, Peter co‑founded RXBAR in his mom’s basement with a $10k start, growing it into a household brand and selling it to Kellogg for $600 million. poised for over $100 million first‑year revenue 
 
Agenda for Today: 
 
00:04 – The One Piece of Advice from My Father That Made $600M
 
00:07 – Selling Protein Bars from a CrossFit Gym to $2M in Year One
 
00:12 – Why Raising Money Early Would Have Killed RXBAR’s Success
 
00:15 – Product vs Brand: What Every Brand Gets Wrong Today
 
00:17 – Why Red Bull is the Best Brand in the World? What Can We Learn From It? 
 
00:20 – Are Brands the New Religion? How Status and Community Really Work
 
00:27 – The Boiled Cod Stunt: Brilliant Marketing or Massive Waste of Time?
 
00:35 – Selling RXBAR for $600M: Inside the Decision and the TAM Ceiling
 
00:40 – $100M Overnight: What Really Changes When You Get Rich
 
00:44 – The Hidden Costs of Success: Health, Relationships and Obsession
 
00:47 – Why Peter Doesn’t Care What People Think… and Actually Likes Upsetting Them
 
00:53 – The $10B Plan for David: From Protein Bars to a Portfolio of Brands

20VC: The $BN Greenoaks Backed Protein Bar | Hitting $100M Revenues in David's First Year: Lessons & Mistakes | $0 to $600M: The Untold RXBAR Story | Product-Market-Fit, Pricing, Branding: What Every Founder Gets Wrong Today with Peter Rahal

Agenda:
 
00:00 – The Worst IPO Mis-Pricing Ever: What Really Happened at Figma
 
02:30 – Fidelity vs Founders: How Important is Fidelity When Going Public
 
07:00 – Why Founders Secretly Want a Pop, Even If It Makes Them Look Stupid
 
10:15 – The Truth Behind the $3B Figma "Left on the Table" 
 
14:00 – Direct Listings vs IPOs: Should Figma Have Gone Direct 
 
23:00 – CEO Compensation is Broken, Brian Halligan Doesn’t Hold Back
 
29:00 – The New Normal: Growth Rounds with Elon-Style Moonshot Packages
 
33:00 – Is Canva Next? Why Founders Should "Run, Forrest, Run" to the NASDAQ
 
36:00 – The Case for Going Public: VCs Are a Bigger Pain Than Public Markets
 
44:00 – Can AI Even Work for SMBs? Why No One’s Cracked the Code (Yet)
 
51:00 – Meta’s Monster Quarter: Growth, Cash Burn, and the Real AI Strategy
 
56:00 – CEO of the Year? Why Jensen Huang Leaves Zuck & Satya in the Dust
 
1:00:00 – Cognition's $15B Deal & Mass Layoffs: The Most Savage M&A Move of 2025
 
1:07:00 – Ramp’s $22B Raise: Genius Move or Suicide Round?
 
1:09:00 – CRV Shrinks, Benchmark’s Bet, and the Future of Venture Strategy

20VC: Figma's 250% Pop - The Greatest IPO Mispricing Ever | Meta and Microsoft Blowout Quarters: Broken Down | Cognition Raises at $15BN and Ramp at $22BN | CRV Downsizing and What It Means for LPs and GPs

Miles Dieffenbach is Managing Director of Investments at Carnegie Mellon University, where he helps oversee a $4 billion endowment with a focus on venture capital, private equity, and alternative investments. Under his leadership, CMU’s private book has remained self-funding during some of the toughest years for liquidity. 
 
Agenda for Today:
 
00:04 – "I Had Cancer at 26 – It Changed Everything"
 
07:00 – Inside the $4BN Carnegie Mellon Endowment: The Investment Blueprint
 
10:45 – Are LPs Getting Screwed in Venture?
 
13:30 – 90% of LPs Shouldn’t Be in Venture – Here’s Why
 
16:00 – Seed Funds Are a Trap (And No One Wants to Admit It)
 
20:00 – The $140BN Problem with Multi-Stage Funds
 
24:00 – "Index Is the Best in the Game – Here's Why They Win"
 
29:30 – "The Dirty Secret of LPs: Brand Over Performance"
 
34:30 – "When Founder-Friendly Goes Too Far"
 
38:00 – "The OpenAI Bubble – Will It All Go to Zero?"
 
44:00 – "Ping Pong Diligence & Wildest Fundraising Stories"

20VC: Inside Carnegie Mellon's $4BN Endowment | Why 90% of LPs Shouldn't Invest in VC | The $140BN Problem with Multi-Stage Funds | The Hidden Math Behind DPI, TVPI, and Illiquidity with Miles Dieffenbach

Ron Gabrisko is the Chief Revenue Officer at Databricks, where he joined in 2016. Under his leadership, Databricks has scaled from $0 to $3.7BN annualized revenue. He has grown the sales team from 0 to over 1,000 globally, leading expansion into enterprise, government, and international markets. Ron previously held senior sales roles at Cloudera and IBM, bringing deep experience in data and AI infrastructure. His tenure at Databricks has been defined by hypergrowth, multi-product adoption, and world-class GTM execution.
 
Agenda for Today:
 
00:04 – The Databricks Origin Story: Ali, Ben Horowitz & 7 PhDs
 
00:08 – Ali vs JPMorgan: Turning Down $10M to Stay Cloud-First
 
00:13 – Prospecting Day: How Ron Scaled the GTM Culture
 
00:16 – Why Databricks’ Pricing Model Was Its Secret Weapon
 
00:19 – Enterprise vs SMB: The Risky Bet That Paid Off
 
00:23 – From $2M to $13M ARR: How Ron Built the First Sales Engine
 
00:29 – Can AI Replace Salespeople? Ron’s Brutally Honest Take
 
00:36 – How to Get Your First Million-Dollar Rep (and Keep Them)
 
00:42 – The Culture Secret Behind Scaling to 5,000 Sales Reps
 
00:45 – Why Databricks Waited Until $500M ARR to Go International
 
00:52 – What Makes a Great Sales Meeting? Ron’s Gold Standard
 
00:58 – The Snowflake Wars: Why Ron Says Databricks Is 5 Years Ahead

20Sales: $0-$3.7BN: The Databricks CRO’s Playbook to Build the Fastest GTM Engine in SaaS History | How Databricks Beat Snowflake | How To Build a Sales Org of 5,000 and Close $190M Deals with Ron Gabrisko

Agenda:
 
00:00 – Did Jason Just Kill Replit? 
 
03:45 – Why Claude Lies To You and Cannot Be Trusted
 
06:50 – You Cannot Trust Agents. Period.
 
10:20 – Why Windsurf Was Dead Without Claude
 
12:30 – Cursor vs. Lovable: What’s the Better Bet?
 
14:40 – Should You Still Invest in Cursor at $28B?
 
18:05 – Would You Bet on Anthropic at $100B or OpenAI at $300B?
 
24:15 – Inside OpenAI’s Secret Weapon: The Calvin French-Owen Memo
 
27:50 – Perplexity Just Crushed ChatGPT and Claude
 
32:15 – Will Cursor Build Their Own Models Before Anthropic Cuts Them Off?
 
33:20 – Figma’s IPO at $16B: Outrageous or Fair Game?
 
41:55 – 90% of Seed Funds Are Cooked—Is Rob Go Right?
 
52:15 – How Often Do You Meet a Founder Who Can Return the Fund?
 
1:08:00 – Which Seed Fund Would You Back Today?

The Twenty Minute VC

20VC: Lovable Raises at $2BN & Hits $100M ARR | Is Cursor Worth $28BN at $1BN in ARR | How Do All Providers Deal with Anthropic Dependency Risk | Are Seed Funds F******: Have Mega Funds Won | Figma IPO Breakdown: Where Does it Price?

20VC: Lovable Raises at $2BN & Hits $100M ARR | Is Cursor Worth $28BN at $1BN in ARR | How Do All Providers Deal with Anthropic Dependency Risk | Are Seed Funds F******: Have Mega Funds Won | Figma IPO Breakdown: Where Does it Price?

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