Sebastian Siemiatkowski is the co-founder and CEO of Klarna, the global digital bank with over 114 million global active users and 3.4 million transactions per day. Seb is one of the leading public company CEOs pushing the boundaries of AI. 

AGENDA:

04:50 — The Real Threat to SaaS is The Switching Cost Coming Down

05:57 — What revenue multiple will software companies trade at in the future?

14:12 — Why you need to build your own customer service AI to win

23:51 — Klarna has two times the customer base of Revolut. They will beat Revolut

25:39 — How I lost a billion dollars not investing in Nubank

30:57 — Why Nubank are more likely to win the US than Revolut?

34:28 — We used to be 6,000 people. Now we are just 3,000

39:58 — When is a high valuation too high and can be dangerous?

42:45 — How we got Sequoia to invest and Michael Moritz to join the board

53:14 — If you are an investor today that is not building then you're at a fundamental disadvantage

01:11:43 — I have changed my mind on the adoption cycle... I think it will take longer than people think

20VC: Is SaaS Dead: Klarna Replaces 1,500 Internal SaaS Products | Why Systems of Record Will Die in an Agentic World | What Revenue Multiple Will Software Companies Trade At? | From 7,000 to 3,000: We Need Less People Than Ever with Sebastian Siemiatkowski

Carles Reina is VP of Sales at ElevenLabs, where he was the first investor and fourth employee. Carles has scaled the revenue org from Day 1 to over $330M in just 3 years. Carles is also an active investor with investments in ElevenLabs, Revolut, Happy Robot and more.  

AGENDA:

0:00 How I Turned $20K into $16M with Revolut Angel Investment

10:45 Why I Don’t Believe in Product-Market Fit

15:40 How to do Land and Expand: Turning $12K Deals into Millions

19:40 The 20X Rule: A "Ruthless" Comp Plan for Elite Reps

24:35 Public Shaming? Why Honest Pipeline Reviews Save Companies

28:50 Why Your Sales Reps Should Never Be in the Office

35:45 The Outbound King: How to Pivot from 90% Inbound

45:45 "Vibe Coding" & The Death of Technical Ceilings

55:35 Why I’d Fire Myself: The Secret Psychology of High-Performers

AGENDA:

03:43 Anthropic Predicts $149B in ARR in 2029

09:27 Will FDEs Become More or Less Powerful

26:17 Harvey Raises $200M at an $11BN Valuation

42:45 Is Customer Support a Terrible or Terrific Investment Category

56:14 Anthropic’s Superbowl Ad: Who Won and Who Lost

01:11:30 Do CEOs Have to Work Harder Today Than Ever

Anish Acharya is a General Partner at Andreessen Horowitz (a16z), where he leads consumer and fintech investing at Series A. He serves on the boards of standout portfolio companies including Deel, Mosaic, Clutch, Titan, and HappyRobot and has led early bets in companies like Runway and Carbonated. Before a16z, he founded and exited two startups—Snowball (acquired by Credit Karma) and SocialDeck (acquired by Google) and scaled Credit Karma’s U.S. Card business to over 100 million members.

AGENDA:

00:03 - Why building an AI company today requires being in San Francisco

06:58 - The "SaaS Apocalypse" myth: Why "vibe coding" everything is a lie

09:11 - How AI agents are finally breaking the lock-in of legacy software providers

10:13 - Incumbents vs. Startups: Who actually wins the AI distribution war?

14:39 - Why the developer tool market looks more like Cloud than Uber and Lyft

22:43 - The death of the Chatbox? Why browse-based interfaces are still preferable

27:14 - Why power users are 10x more valuable in the age of AI consumption

28:36 - Do margins matter in a world of AI?

34:46 - Why we are definitively not in an AI bubble right now

38:58 - Why the Legal and Customer Support industries will have dozens of winners

39:44 - Lessons from Marc Andreessen: Why the "quality of being right" supersedes process

44:51 - Is "Triple, Triple, Double, Double" dead? The new physics of growth

01:10:41 - The a16z Playbook: How to win 100% of the deals you chase

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

AGENDA:

00:00 - SpaceX Completes Acquisition of xAI in $1.25 Trillion Merger

08:44 - The Rehabilitation of the IPO and the End of "State Private Forever"

15:53 - The 2026 SaaS Massacre: Public Market Collapse 

31:20 - Next-Gen CRM War: Hubspot Down 50%+ vs Next Gen Heavily Funded

45:30 - Microsoft’s $360 Billion Market Cap Loss and the Shift in AI Narrative

52:45 - Nvidia’s Strategic Retreat: The Dispute Over the $100 Billion OpenAI Investment

01:03:30 - Waymo Raises $16 Billion at a $110 Billion Valuation

01:17:30 - The Launch of OpenClaw and Moltbook: 1.5 Million Agents Join a Social Network

Oren Zeev is one of the most prominent solo capitalists in venture. He is one of the most no BS investors of our time. Oren manages over $1BN in AUM and is known for his "radical alignment" approach, often taking $0 in management fees. His track record includes massive successes like Navan, Audible, and Houzz.

AGENDA:

03:11 – Why the Best Investments Always Look "Wrong" at the Start

05:58 – The AI Tsunami: How to Spot Beneficiaries vs. Victims

10:43 – The Death of Incumbents? Why Most AI Predictions Are Wrong

14:12 – Why Chasing Hyper-Growth is a "Disaster Waiting to Happen"

19:41 – The Biggest Mistakes From 2021 and Investing Lessons From It?

25:52 – Is the Future of Venture Boutique or Mega Fund: Does the Middle Die?

32:00 – The Great VC Shakeout: Why 50% of Funds Will Slowly Die

38:52 – Why Oren Zeev Takes $0 in Management Fees

50:48 – Why VCs Should Never Tell Their LPs What They Are Doing?

59:11 – How I Missed Investing in Facebook and Lessons Learned

Omer Shai serves as the CMO at Wix. Shai leads a team of over 400 people and is responsible for the company’s global online and offline marketing activity, which boasts an incredible growth of approximately 3 million new users every month. Under Shai, the marketing department has executed hundreds of worldwide campaigns for television and social including 5 Super Bowl commercials, creative videos, podcasts and more.

AGENDA:

00:00 — The AI Agent Revolution: 93% Automation?

03:55 — Why I’m Buying TWO Super Bowl Ads This Year

08:58 — The $100M Marketing Secret: Brand vs. Performance

13:28 — Why LTV is Bullshit (and What You Should Use Instead)

18:52 — 10x Your Growth: How to Find Tomorrow’s Arbitrage

27:10 — SEO is Dying? Why I’m Increasing My Ad Spend Anyway

31:14 — The TikTok Fail: Why Even Big Brands Can’t Crack It

36:11 — Stop Selling the "Why": Put the Product in the Center

47:57 — Will AI Make You Unemployed? A Warning for Marketers

52:27 — Why Celebrity Endorsements Never Work

AGENDA:

03:36 Brex Acquisition by Capital One for $5.15BN

10:54 Does Brex’s Acquisition Help or Hurt Ramp?

16:28 TikTok Deal Completed: Who Won & Who Lost: Analysis

19:30 Anthropic Inference Costs Higher Than Expected

37:50 Open Evidence Raises at $12BN from Thrive and DST

53:56 Wealthront IPO Disaster: Is $1.5BN IPO Too Small?

01:07:27 Salesforce Wins $5BN Army Contract: The Last Laugh for SaaS

Max Junestrand is the Co-Founder and CEO @ Legora, the legal AI company that has scaled to 750 of the world’s leading law firms as customers and over 300 employees in just 2 years. They have raised over $200M from some of the best in the business including Benchmark, General Catalyst, Redpoint and ICONIQ. 

AGENDA:

04:16 Why Does Everyone Think Harvey When They Hear Legal AI?

07:35 Why OpenAI is Toast? Switching to Anthropic!

11:47 24 Months: Which Foundation Models Will Win? 

23:53 Lessons Scaling from Europe into the US

28:53 Do Americans Work As Hard As They Say?

32:20 Why Seat Models Are Not Dead in SaaS?

36:17 How to Use Competition To Drive a Fire in Your Team?

40:59 Is Legal AI a Winner-Take-All Market? How Does It End?

47:18 The Future of Law Firms: Do Juniors Get Fired?

53:19 How We Raised $200M and 3 Rounds with No Deck

57:21 Quickfire Round: Best Advice, Closest Mentor, Biggest Mindset Shift

AGENDA:

00:03:00 – Harry's Wild Start: Making £1.75M at 19 in 36 Hours

00:06:00 – How Harry Got Marc Benioff on 20VC with Cold Emailing Alone

00:07:30 – Raising $70M on WhatsApp – Relationship Building Secrets

00:12:00 – Decision Framework: What Would Pat Grady (Sequoia) Do?

00:15:00 – Chase Your First Million – It Unlocks Everything

00:16:30 – Advice for 19-Year-Olds Today: Niche Down, Interview Leaders, Publish

00:18:00 – University Is a Waste for Most | Leverage Youth & Risk

00:22:30 – How Getting Kicked Out of School Changed Everything

00:30:00 – Why Should Everyone Be Creating Content Today and How to Start

00:35:30 – 7 Lessons from Billionaires

• 00:36:00 – #1: Never Accept No (The $12M Turnaround Story)

• 00:37:30 – #2: Beat Down the Door (53 Emails to Marc Benioff)

• 00:39:00 – #3: Just Start – 99% Never Do

• 00:40:30 – #4: Use a Role Model Framework for Hard Decisions

• 00:42:00 – #5: Chasing Money Won't Make You Happy – Enjoy the Art

• 00:44:00 – #6: Break Big Visions into Achievable Milestones

• 00:45:30 – #7: Win Over the Partner (Power of Pillow Talk)

AGENDA:

03:30 Can VC Survive With Public Market Prices Today

15:20 The Implosion of Thinking Machines

21:13 Elon Musk vs. OpenAI: The Legal Battle

40:50 Can OpenAI Win Ads?

55:50 ClickHouse’s $15BN Deal: Analysed

58:55 Replit’s $9BN Deal: Analysed

01:08:35 There Are Only Two Types of Deals VCs Want To Do Today

Winston Weinberg is the CEO and Co-Founder of Harvey, the leading professional services platform engineered with AI for law, tax, and finance. Winston has raised over $980M for Harvey from Sequoia, a16z, GV, Elad Gil and more with a last round price of $9.2BN post-money. Before founding Harvey in August 2022, Winston was an attorney at O'Melveny & Myers LLP, specializing in antitrust and securities litigation. 

AGENDA:

04:10 #1 Thing Every Founder Needs to Do Everyday

05:33 Must Do Daily Routines and Productivity Tips for CEOs

12:45 How to Get Sequoia and a16z Term Sheets

15:06 Why VCs Suck at Helping Companies Hire?

27:01 What No One Understands About Enterprise AI Adoption

38:06 AI's Impact on Professional Services

39:26 Future of Law Firms: Do They Die?

43:38 What Everyone Should Know That No One Tells You About Hiring in Europe

47:08 I Have Massive Trust Issues…

54:17 Biggest Lessons on Effective Deal-Making 

59:20 Cold Emailing OpenAI and It Leading to a Term Sheet

01:02:33 Quick Fire Round

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Noam Lovinsky is the CPO @ Superhuman (formerly Grammarly). Prior to Superhuman he was a Senior Director of Product Management at Facebook. In his earlier years, he was CPO @ Thumbtack and spent 5 years as a Director of Product Management at Google where he was responsible for all of Youtube’s applications. 

AGENDA:

03:43 What is Great Product Leadership in a World of AI

07:45 Does the Design Phase Die in a World of Vibe Coding

12:21 How AI Changes Product Development Most

22:23 Accelerating Product Development

29:32 AI's Impact on Product Building

34:19 Predictions for 2026

34:45 Quick Fire Round

38:41 Reflections and Future Plans

AGENDA:

05:02 Anthropic's $10 Billion Fundraise

07:54 Has Claude Code Beaten Cursor Already

15:54 OpenAI Could Still Go to Zero

26:33 Andreessen Horowitz's $15 Billion Fundraise

45:16 The Middle is Dead: Boutique vs. Large Platforms in Venture

50:01 The Future of Venture Capital

01:08:06 The Impact of Wealth Taxes on the Industry

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

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

Chad Peets is one of the great sales leaders of our time. Previously, he was the sales saviour at Snowflake and was an advisor to the CEO there. He was also an MD at Sutter Hill where he sat on the board of companies like Sigma Computing and Augment Code. 

AGENDA:

04:53 How to Recruit the Best Sales Talent Today 

06:27 Why Europe is a Nightmare for Recruitment in Sales

11:29 How to Evaluate Sales Talent: Green and Red Flags

21:58 Why Remote Work is BS and You Have to be in Office

23:43 How to Improve Sales Team Performance in Just 24 Hours

27:45 When to Fire vs When to Give More Time

32:10 How to Set Sales Quotas Effectively

34:39 Adjusting Compensation Plans for Better Performance

37:50 Why Work Life Balance is Total BS

41:08 Biggest Lessons on Leading Sales Teams

50:37 What is The Future of Enterprise Sales with AI

58:40 Quick Fire Questions and Final Thoughts

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

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:

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