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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

Jacob Lauritzen serves as the CTO at Legora, the fastest growing B2B enterprise company in history; hitting $100 million in ARR in just 18 months . Legora boasts a valuation of $5.6BN and has raised a total of $866 million in funding. Legora's investors include the likes of Accel, Benchmark, and Bessemer Venture Partners, alongside strategic tech giants NVIDIA (NVentures) and Salesforce Ventures.
 
AGENDA: 
 
 • 

 05:01 - How to Hire the Best Product Talent in 2026 
 • 
 • 

 06:21 - The New Product Bottleneck: Shifting Beyond Code Creation 
 • 
 • 

 09:24 - System Design vs. Code Creation: The Future Role of the Engineer 
 • 
 • 

 14:04 - The Evolving Software Development Lifecycle & The Death of the Design Phase
 • 
 • 

 22:23 - Will Product and Engineering Fully Converge? 
 • 
 • 

 29:16 - Scalability and UX: Designing for 10x vs. 100x Spikes 
 • 
 • 

 38:15 - Scaling the Organization: What Breaks with a 250 Person Product Team 
 • 
 • 

 47:05 - Quick-Fire Round: Hyper-Growth Tactics & Out-Working the Giants 
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20Product: Inside Legora's Tech Stack: Why Token Maxing is Failing Enterprise Startups with Jacob Lauritzen, CTO @ Legora

AGENDA:
 
00:00:00 — Private Markets Are "F***ing Done" & The Shift to Heavy CapEx
 
00:00:46 — Anthropic Files to Go Public 
 
00:04:59 — Will the Anthropic IPO Break the Startup Ecosystem?
 
00:06:22 — The "Billion-Dollar Position" Era: VCs Reset Their Expectations
 
00:18:11 — The Trillion-Dollar Cash Grab: Google, SpaceX, and OpenAI Rush the Queue
 
00:23:15 — Is the SaaS Apocalypse Over? Bouncing Off the Bottom
 
00:25:34 — The Death of Human Per-Seat Licenses as Multiples Shift
 
00:27:18 — Winners vs. Losers: How Agentic Focused Products Captured the Market
 
00:30:26 — Cognition Raises $1 Billion at a $26 Billion Valuation
 
00:33:04 — Token Budgeting Panic Hits Corporate America
 
00:35:46 — Multi-Model Workflows and the Future of Cost Containment
 
00:41:20 — Choosing Tokens Over Humans: The 2027 Engineering Reality Check
 
00:46:42 — Can Large Companies Survive Slashing One-Third of Their Engineering Talent?
 
00:57:40 — Big Law Flex: Kirkland & Ellis Pledges $500 Million to Build In-House AI
 
01:01:21 — Giving Away the Crown Jewels: Will Firms Trust Claude?
 
01:08:44 — Robinhood's AI Move: Automating Financial Planning vs. Beating the Market
 
01:16:15 — Apollo Warns PE Software Returns Are About to Be Disastrous
 
01:19:15 — $10 Billion Carry Pools: Will VC Winners Quit the Game?
 
01:24:10 — The 9-9-6 Work Ethic: Performative Theatre or Startup Reality?
 
01:30:10 — The Great Valley Contradiction: Working 24/7 to Automate White-Collar Work

20VC: Anthropic Files to Go Public | Token Budgeting Panic Hits Corporate America | Cognition Raises $1BN at $26BN Valuation | Apollo Warns PE Software Returns Will be Disastrous | The 9-9-6 Work Ethic: Performative Theatre or Startup Reality?

Brendan Foody is the Founder and CEO @ Mercor, one of the leading data providers to the largest labs on the planet including OpenAI. In the last two years, Brendan has scaled the company to $1.5BN in ARR and a valuation of $10BN. 
 
AGENDA: 
 
True or False:
 
 • 

Mercor lost Meta and OpenAI as a customer with the hack?
 • 
 • 

Mercor has been poaching competitor talent, paying them millions? 
 • 
 • 

Mercor revenue is not real revenue and is only GMV?
 • 
 
12:56 Would Brendan sell Mercor for $30 billion? 
 
14:23 Why everyone is wrong that AI will lead to labor displacement?
 
15:59 We will create many new jobs that do not exist with AI. 
 
16:59 Why training agents will be a massive labor category that does not exist today 
 
19:51 Will we see the data provider market unbundle and specialize into verticals? 
 
22:24 Is the stated revenue really revenue or is it really GMV? 
 
27:55 How a 1 million ARR company secured one of the best investors in the world with a helicopter ride 
 
29:41 How Felicis secured the deal of the decade with a race track and a set of Ferraris 
 
32:59 Which investment round felt like the highest price to grow into? 
 
34:49 Why will value accrue to the infrastructure layer, not the application layer, in the next 12 months? 
 
35:46 Why the model is the product and why application layer companies should be scared as a result 
 
37:22 Why network effects will be the determinant of value creation 
 
38:46 Why the forward-deployed motion, not the GTM motion, will determine true value creation. 
 
41:59 Why token spend within organizations is going to continue to increase 
 
43:54 Why agent evaluation to commoditize the model layer will be a massive business for enterprises? 
 
51:13 Why we should have increased capital gains tax 
 
01:01:31 How to compete with $20 million a year from Meta? 
 
01:08:49 Will Mercor go public and when?

20VC: Mercor CEO on Why Application Layer Companies Have No Defensibility, The Model is the Product | Token Spend Will Exceed Headcount Spend in 5 Years | The True Cost of Hiring AI Researchers in the Valley Today with Brendan Foody

Nico Laqua is the Co-Founder and CEO of Corgi Insurance, an AI-native insurance carrier built for startups. Corgi is the most intense workplace culture in America. The team works 7 days per week. The founder sleeps in the office. ⅔ of the first 30 team members have a Corgi tattoo. This week, Corgi raised $106M, valuing the company at a whopping $2.6BN. 
 
AGENDA: 
 
06:35 Why going to university was a massive waste of time 
 
09:42 Why we work seven days a week 
 
11:58 Why we do work trials and how that is a test of people's stamina 
 
18:41 Why we created a cafe in the biggest annoyance with San Francisco 
 
22:00 Why I am so bullish on London 
 
23:49 Why I haven't sold a single secondary 
 
24:19 Why people who found companies in New York prioritise dating over their company 
 
30:46 Biggest lessons on cash comp and equity 
 
31:13 Team members can be split into three separate groups 
 
34:59 Biggest lesson from Brian Chesky on price 
 
35:44 What is the right amount of time to be fundraising for? 
 
36:47 Good companies get deals done and what makes the best venture investors? 
 
40:34 Why AI makes sales and marketing more valuable 
 
43:12 Why I don't like boards and I don't think they're effective 
 
46:19 What I would like to see more of from venture funds 
 
48:05 Who was Corgi's first believer?

20VC: Corgi Insurance: The Most Intense Workplace Culture in America: 7 Days Per Week, Founder Sleeps in Office, Corgi Cafe Open 24 Hours a Day, 60% of First 30 Employees Have Corgi Tattoos | The Journey from $0 to $2.6BN Valuation in Just 2 Years

AGENDA: 
 
05:16 Nvidia Blowout Quarter: $81BN Revenues and Stock… Flat! 
 
10:39 Uber and Microsoft Declare Productivity Gains Questionable from AI
 
25:26 The Layoffs Continue: ClickUp and Cloudflare
 
34:39 OpenAI S1: Is it a Race? How Will it be Received?
 
38:28 Do Anthropic Rush Out Their IPO Also?
 
45:49 SpaceX S-1: "Why I Would Never Invest"
 
48:06 Why Colossus is a Stroke of Genius By Elon
 
51:31 Data Centers In Space is BS and Will Not Be Core to SpaceX
 
58:04 Polsia Raises $30M at $250M Price: Is this the Peak? 
 
01:06:08 Exa Raises at $2.2BN to Build Search for Agents
 
01:14:34 Is Replacing Your CRM with Vibe Coding Always Ragebait

20VC: OpenAI & SpaceX S1 Drops | NVIDIA's $81BN Revenue Quarter | Cloudflare and ClickUp Do Controversial Layoffs | Exa, OpenRouter and Polsia Raise Mega Rounds | Uber and Microsoft Declare AI ROI for Developers is Questionable

Andrew Feldman is the co-founder and CEO of Cerebras Systems. This month, Cerebras went public achieving a market cap of $70BN, the largest semiconductor IPO in history. Cerebras has a massive commercial backlog with a monumental, multi-year $20 billion compute agreement from OpenAI.
 
AGENDA: 
 
05:58 - Why we are not in an infrastructure bubble and it is just the start
 
08:00 - Sam Altman's superpower is his ability to forecast capex spend.
 
08:58 - Anthropic did not get a good deal with Elon. They got a deal that was available. 
 
10:39 - What is going on with the price of memory and why is it a problem?
 
16:40 - Are Google best positioned to produce tokens and what challenges do they face?
 
19:23 - Is Coreweave dramatically undervalued or overvalued?
 
24:34 - My biggest advice to entrepreneurs scaling their business 
 
30:13 - Why most of the layoffs are AI-washed and
 
33:41 - What will we spend on tokens for software engineers in five years?
 
34:48 - Why does the role of HR change so significantly in the world of AI?
 
35:36 - Why lawyers are the biggest inhibitor of enterprise AI adoption
 
39:20 - Why Jensen and Nvidia are wrong to sell chips to China
 
42:49 - What needs to change in the U.S. to build a strategic asset in chips?
 
51:00 - Should Cerebras invest in companies building on top of their platform; as Nvidia is?
 
53:28 - Nothing changed when Cerebras IPO'd but I did make 800 millionaires.

20VC: Cerebras CEO on the Future of Data Centres, Token Costs and Memory | We are Not in an Infra Bubble & Dario Got a Bad Deal with Elon for Compute | Should US Companies Sell to China & Why Most Layoffs are AI Washed with Andrew Feldman

Chad Peets is one of the most straight-talking, no BS sales leaders of our time. Today, he partners with founders of the fastest growing companies in the world, like Harvey, Factory to build the best sales teams in a world of AI. 
 
 
 
Chris Degnan is a legendary technology sales leader who achieved the historic feat of scaling Snowflake from $0 to $4BN in ARR. 
 
AGENDA:
 
00:00 – The $100M CRO Packages Nobody Believes Are Real
 
04:10 – Why Most "Elite" Salespeople Are Actually Just Order Takers
 
08:00 – The Secret to Hiring Killer Sales Talent at Early-Stage Startups
 
10:05 – 20x Quotas & The Death of Traditional Pipeline Generation
 
16:20 – The ARR Scam: Why Most AI Revenue Numbers Are Fake
 
17:45 – Why the Best Engineers Do Not Want to Be Forward Deployed Engineers
 
21:10 – Why Paying Everyone the Same Kills Great Sales Organisations
 
24:15 – Anthropic's Crazy Compensation Is Breaking the Entire Sales Market
 
29:00 – The Brutal Truth About Replacing CROs & Firing Sales Leaders
 
32:20 – Forecasting in AI Is Completely Broken
 
38:20 – The Fatal Mistake Founders Make Chasing Venture Valuations
 
39:40 – Why Most VCs Give Absolutely Terrible Sales Advice
 
42:10 – Global Sales From Day One: The New AI Go-To-Market Playbook
 
44:15 – "Anthropic Is a $5 Trillion Company"
 
47:40 – The Death of the Traditional SDR & The Rise of Full-Stack AI Sellers
 
49:00 – Consumption Pricing, Vertical AI & Why SaaS Is Getting Rewritten
 
52:00 – What the Best Sales Cultures Still Get Right in the AI Era

20Sales: The $100M CRO Bubble: Why Anthropic Are Causing a Comp Crisis | Why You Should Never Hire From Salesforce or Service Now | How to Hire, Train and Forecase in a World of AI with Chad Peets and Chris Degnan

AGENDA: 
 
00:00 – Anthropic Eyes $900B Valuation & Andre Karpathy's Shock Move
 
04:46 – Unpacking Anthropic's $30 Billion War Chest
 
10:52 – The True Cost of AI Tokens: Is Salesforce Spending Too Much?
 
15:59 – The Bear Case for Token Growth & Why Software Leaders Must Adapt
 
22:56 – Public Tech Rebound: Figma & Datadog Crush Expectations
 
26:59 – The Death of Traditional Web Builders? The Decline of Wix & Squarespace
 
36:59 – Compute Starvation: Is the Semiconductor & Hardware Boom Sustainable?
 
45:59 – Cerebras IPO Smashes Day One: The Biggest Tech Public Debut Since Snowflake
 
48:17 – SpaceX Sets Date For the Largest IPO in History
 
57:28 – Y Combinator's Mic Drop Deal & The Drama Behind Elon Musk's OpenAI Lawsuit
 
01:11:57 – The Looming Backlash: Mass Tech Layoffs and the Politics of AI
 
20VC:

20VC: Andrej Karpathy Joins Anthropic & Anthropic Raises $30BN at $900BN Price | SpaceX Files S1: How Does it Trade | Cerebras Smashes Day 1: What it Means for IPOs | Why Mass Layoffs Are More Worrying Than Anyone Sees

Josh Browder is my favourite emerging manager. As the Founder of Browder Capital he has been the first check into unicorns like Micro1, Owner.com and Yuzu Health to name a few. He turned his Thiel Fellowship Grant of $100K into a whopping $10M angel portfolio. All new investments move into Josh's Four Seasons Residence where he then trains them on company building. They are only allowed to leave when they raise their seed round. In addition to this, Josh is the Founder & CEO @ DoNotPay, the now profitable company that has raised $22M from Marc Andreessen and others. 
 
AGENDA:
 
00:00 Why I believe young founders make the best founders
 
02:10 What do I look for in founders I'm investing in?
 
10:00 How I test for founder commitment pre-investment
 
11:00 What do I want to see in the childhoods of the entrepreneurs that I back?
 
12:05 Why I make founders live with me in my Four Seasons residence after investing
 
14:00 There are three reasons why pre-seed companies fail and how I solve for them
 
15:45 What do I look for in a team to assure me they will last?
 
16:50 Is $5 million post still attainable in this world?
 
17:15 Should we be worried about the increasing levels of fraud at the early stages?
 
18:10 Which Silicon Valley investor was the most impressive?
 
20:00 Do VCs really add value?
 
20:50 Does university carry less value than ever and should founders drop out if they have a dream and an idea?
 
24:00 The advice of one lawyer changed the entire trajectory of this multi-million dollar company
 
28:10 I would never invest in someone that I met over Zoom
 
29:20 Are all the best founders you invest in delusional?
 
31:10 What is the biggest benefit of being a Thiel Fellow?
 
36:20 The problem of accelerators and why artificial constraints can enforce quality
 
38:20 How we used Mark Zuckerberg's house as a viewing instrument tool to get users
 
41:20 My pre-seed cheque in Micro One is now worth hundreds of millions and my lessons
 
43:20 The biggest mistake VCs are making in assessing founders
 
44:10 Why I will never tell the entrepreneur what to build and why I place little value on ideas
 
47:00 Why kingmaking is real and why you should accept half the price from a tier one firm
 
49:00 My biggest lessons on reserve investing
 
53:00 Why price rounds are bullshit and we should do more SAFEs
 
54:20 What all founders need to know about signing with a VC
 
55:10 Single biggest advice to founders on how to get the best price
 
57:30 What role does not exist today that will be massive in five years' time?
 
59:10 Stocks are bullshit. Cash is bullshit. I put my money in land. My personal investing strategy
 
1:01:00 Why the Trump administration is unwaveringly good for US business
 
1:03:20 Why competitive markets are the best investments
 
1:05:40 The serendipity of San Francisco is unmatched
 
1:08:10 What things does no one know about Marc Andreessen that everyone should know?

20VC: Turning Peter Thiel's $100K into $10M Angel Portfolio | The One Man Accelerator at The Four Seasons | Why VCs Can Be Sharks and What Founders Need to Know | Why Stocks and Cash are BS and You Should Invest in Land with Josh Browder

Shiv Rao is the CEO and Co-Founder of Abridge, a leader in generative AI for healthcare. The company reached a $5.3 billion valuation following a $300 million funding round with investors including Jensen Huang, Henry Kravis, USV, Bessemer Venture Partners and Elad Gill. A practicing cardiologist, Shiv has scaled the company to 450 employees and partnered with major health systems like Emory and Yale. 
 
AGENDA:
 
04:00 — You just have to survive long enough to not die
 
06:00 — Did USV liking music make them billions of dollars?
 
13:58 — The three variants of an AI native company
 
15:00 — How do you know if foundation models are going to kill or help you?
 
22:15 — Why OpenAI and Anthropic doing consultancies is such an obvious move
 
41:00 — Biggest lesson from Jensen Huang at Nvidia
 
41:00 — What Founder Mode truly means
 
52:00 — What the founder of Duolingo taught me about sacrifice
 
56:37 — If I started a company again, Elad Gill would be the one investor I go to

20VC: Lessons from Jensen Huang on "Founder Mode" | How to Know if OpenAI or Anthropic Will Kill your Company | How USV Liking Music Made Them $1BN on an Investment | The Five Year Desert to Product Market Fit & a $5.3BN Valuation with Shiv Rao @ Abridge

20VC: OpenAI & SpaceX S1 Drops | NVIDIA's $81BN Revenue Quarter | Cloudflare and ClickUp Do Controversial Layoffs | Exa, OpenRouter and Polsia Raise Mega Rounds | Uber and Microsoft Declare AI ROI for Developers is Questionable

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