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

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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Matt Fitzpatrick is the CEO of Invisible Technologies, leading the company’s mission to make AI work. Since joining as CEO in January 2025, he has raised $100M and accelerated AI adoption across industries from sports to consumer and government. Previously, Matt was a Senior Partner at McKinsey, where he led QuantumBlack Labs, the firm’s AI R&D and software development arm.

AGENDA:

04:40 Interview with Matt Fitzpatrick: Career Journey and Leadership

09:35 The Single Biggest Barriers to Enterprises Adopting AI

15:26 It is BS That Enterprises Can Adopt AI Without Forward-Deployed Engineers

28:05 Are AI Talent Marketplaces Dead? What is the best model?

46:33 How Does the Data Labelling Market Shake Out: Who Wins/ Who Loses

48:27 Are Revenue Numbers for Data Labelling Real Revenue? Or GMV?

51:20 Best Capital Allocation Decision? What did Matt Learn from it?

53:19 How Important is Brand for AI Companies Selling Into Enterprise?

01:05:59 Remote Work vs. In-Person Collaboration

01:17:06 What Does No-One Know About the Future of AI That Everyone Should Know

AGENDA:

03:48 Founder of the Year 2025

06:58 Product of the Year

10:05 Fund of the Year

20:52 Breakout Companies of 2025: Who Made the Biggest Impact?

26:57 Biggest Surprises of 2025

32:57 Predictions for 2026: Top Performing Tech Stocks of the Year

35:25 B2B Stocks to Watch

38:31 Why Salesforce Could Be the Buy of 2026

47:11 Google, Meta, Apple, NVIDIA, Microsoft: Buy One, Short One

55:38 IPO Speculations: Who Will Go Public in 2026

01:00:57 The Impact of AI on Employment

Gérald Marolf is the Chief Product Officer at On Running. Gérald oversees the full range of On’s shoes, apparel and accessories to make sure each delivers performance, comfort and style. Before On, Gérald spent over a decade building consumer brands with collaborators such as Microsoft and Ferrari.

AGENDA:

00:00 – Why Most “Great Products” Fail to Create Emotion

03:00 – How Perfume Taught Me Everything About Desire & Product

06:10 – The Brutal Reality of Building Physical vs Digital Products

16:00 – Why “Simple Design” Is Overrated and Dangerous

23:00 – Why Vuori is the Brand to Short in Consumer 

28:30 – The Biggest Product Mistake: Listening to Customers Too Much

32:10 – On Only Do Tennis Because of Roger Federer

38:30 – Were We Too Late to Marathon Running? A Painful Admission

43:40 – The Most Controversial Product On Has Ever Launched

49:00 – Are Counterfeits Good or Bad in Fashion?

AGENDA:

03:32 Lightspeed's $9 Billion Fundraise

05:20 The Impact of Mega Funds on Seed VCs

10:09 The Supercycle of Growth and Late-Stage Investments

13:06 Disney Invests $1BN into OpenAI and What It Means

23:19 Oracle Hit Hard: Is Now the Time to Buy

28:34 Broadcom's Market Cap Drop and Anthropic’s AI Chip Orders

35:04 Cursor Competes with Figma: The Convergence of Design and Coding Tools

46:20 The Biggest Danger for Incumbents: Being Maimed by AI

55:28 Boom Supersonic Raising $300M to… Power Data Centres… WTF

01:00:24 Will SpaceX IPO at $1.5TRN and The Elon Option Value

David George is a General Partner at Andreessen Horowitz, where he leads the firm’s Growth investing team. His team has backed many of the defining companies of this era, including Databricks, Figma, Stripe, SpaceX, Anduril, and OpenAI, and is now investing behind a new generation of AI startups like Cursor, Harvey, and Abridge.

AGENDA:

03:05 – Why Everyone is Wrong: Mega Funds Does Not Reduce Returns

10:40 – Is Public Market Capital Actually Cheaper Than Private Capital?

18:55 – The Biggest Advantage of Staying Private for Longer

23:30 – The #1 Investing Rule for a16z: Always Invest in the Founder’s Strength of Strengths

31:20 – Why Fear of Theoretical Competition Makes Investors Miss Great Companies

35:10 – Does Revenue Matter as Much in a World of AI?

44:10 – Does Kingmaking Still Exist in Venture Capital Today?

49:20 – Do Margins Matter Less Than Ever in an AI-First World?

53:50 – My Biggest Miss: Anthropic and What I Learn From it? 

56:30 – Has OpenAI Won Consumer AI? Will Anthropic Win Enterprise?

59:45 – The Most Controversial Decision in Andreessen Horowitz History

1:01:30 – Why Did You Invest $300M into Adam Neumann and Flow?

Raaz Herberg is the Chief Marketing Officer and VP Product Strategy at Wiz, the fastest-growing cloud security company in history. As one of the first 10 employees, Raaz has helped scale the business from nothing to a multi-billion-dollar ARR business. Before Wiz, Raaz was a Senior PM working on Azure at Microsoft. 

AGENDA:

03:51 What No One Knows About The Early Wiz Days

09:08 Most Effective Marketing Wiz Ever Did? Lessons from it?

24:11 How Wiz Mastered Enterprise Sales and Product Development

39:12 The Value of Proof of Concept an Why Everyone Gets Them Wrong

44:23 Why The Best Leaders Give More Equity Than They Should

52:55 The Impact of COVID on Business Operations

01:01:33 What in AI is No One Talking About That Everyone Should Be?

01:07:29 Why Does Raaz Think Custom Tools Will Dominate the Enterprise?

AGENDA:

03:46 SpaceX's $800 Billion Valuation: A Deep Dive

09:18 IPO Market Predictions for 2026

18:18 Netflix's Bold Move: Acquiring Warner Brothers

27:43 Tiger's New Fund Strategy

33:02 Databricks' Head of AI $500 Million Seed Round

36:38 Harvey Raises $160M at an $8BN Valuation

48:22 Will LLMs Kill the App Layer

01:02:02 Google's AI Capabilities

01:06:58 Chinese Open Source Models in US Startups

01:08:57 Airwallex Raises $330M at an $8BN Valuation

01:23:50 Prediction Markets and Insider Trading

Tarek Mansour is the Co-Founder and CEO @ Kalshi, the leader in the world of prediction markets. Just last week, they announced their $1BN raise at an $11BN valuation. In total, they have raised $1.59BN from some of the best, including Sequoia, a16z, General Catalyst, IVP, Meritech, and more. They also last week announced exclusive partnerships with CNN and CNBC, marking their move into mainstream media and news. 

AGENDA:

03:28 Why Did Kalshi Need to Raise $1BN

10:35 Why is Kalshi vs Polymarket Such a Fierce Rivalry?

20:44 The Future of Prediction Markets

25:09 Why Does Kalshi Partner with CNN When They Could Replace Them?

26:27 Why Did Tarek Fight For the Rights of his Early Investors So Much?

27:25 What Makes Alfred Lin The Best?

29:19 Does Having Sequoia as an Investor Change the Game?

36:58 Are Teenage Founders Today Emotionally Ready to Lead Companies

38:30 Quick Fire Round: Celebrity Investors, Relationships with Parents

Bending Spoons is the acquisition machine of the tech world. They have acquired the likes of Evernote, Vimeo, Eventbrite, Streamyard and more. However, they never open their gates to the secrets behind Evernote’s product machine. Today that changes with Federico Simionato joining 20Product. Fede has been a Product Lead at Bending Spoons for 8 years where he has led product teams at Evernote, WeTransfer and more.  

AGENDA:

03:02 From Dentist Games to $11BN Bending Spoons

04:54 Advice for Aspiring Product Managers

05:38 Building a Coveted Brand at Bending Spoons

07:43 Evaluating and Testing New Product Ideas

13:35 How Evernote has Mastered User Retention

25:24 The Impact of AI on Product Design and Prototyping

31:19 How Bending Spoons Does Product Launches and Lessons Learned

33:27 How Every Product Team Should Do Monthly Updates to Users

36:38 Recording and Transparency in Updates

38:06 Lessons from Failed Product Launches

45:14 Structuring Teams and Acquisitions

47:12 Monetization Strategies and Push Notifications

57:21 Quick Fire Round: Insights and Reflections

AGENDA:

04:20 Thrive and OpenAI Partnership 

07:14 Databricks Raising $5BN at $134BN Valuation: Cheap or Not?

17:39 Eventbrite Acquired by Bending Spoons for $500M

21:39 Pagerduty’s $1BN Market Cap, Just 2x Revenue

26:59 The TAM Trap: Why SaaS Is Like Japan

37:42 Lessons from Companies Hitting $100M ARR

44:57 The Future of Labour Markets is F******

52:10 The Importance of Compounding in Investments

56:45 The Relevance Game in Venture Capital

01:05:01 Supabase at $5BN or Lovable at $6BN: Which One?

Jonathan Siddharth is Founder and CEO of Turing, one of the fastest-growing AI companies advancing frontier models. Jonathan has led the company to an astonishing $300M ARR with just $225M raised and a profitable company. A Stanford-trained AI scientist, Jonathan previously helped pioneer natural language search at Powerset, which was acquired by Microsoft.

AGENDA:

03:35 Data, Compute, Algorithms: What is Most Abundant? What is Lacking Most?

09:18 What Does No One Know About AI’s Data Requirements That Everyone Should?

17:05 The Biggest Challenges Enterprises Have with AI Adoption

20:38 Why Will 99% of Knowledge Work Will be Gone in 10 Years

27:12 How Will Data-Driven Feedback Loops Replace Technology as the Moat

36:08 Who Wins the Data Labelling Market? Who Loses?

38:23 Is Revenue BS in Data Labelling? Are Players Calling GMV Revenue? 

45:20 Why is SaaS Dead in a World of AI?

51:23 Will the Phone be the Primary User Interface to an AI World?

57:07 Quickfire Round

John McMahon is widely regarded as one of the greatest enterprise-software sales leaders of all time. He’s the only person to have served as Chief Revenue Officer at five public software companies: PTC, GeoTel, Ariba, BladeLogic and BMC Software. He helped scale BladeLogic from a startup into a public company — ultimately leading to its ~$880M sale to BMC — and drove GeoTel into a multi-billion dollar acquisition. Today he sits on the boards of top names such as Snowflake and MongoDB, while also mentoring and influencing a who’s-who of modern SaaS sales leaders.

AGENDA:

03:33 The Art and Science of Sales: Insights from a Veteran

04:29 Adapting Sales Strategies in the Age of AI and PLG

07:47 The Ultimate Framework to do Deal Qualification

14:13 How to Drive Urgency and Maintain Sales Process

20:06 How to Hire the Best Sales Reps

25:11 Step-by-Step Guide to Training Sales Reps

45:22 The Mindset of the Best Sales Reps

54:55 Single Most Important Skill to Win in Sales

AGENDA:

04:06 Anthropic's $30BN Investment from Microsoft and NVIDIA

07:01 Google vs. OpenAI: Sam Altman’s “War Mode” Memo

15:27 NVIDIA’s Customer Concentration: Bull or Bear

22:12 Is “War Mode” BS: Does Hyper-Aggressive Ever Work?

36:12 Sierra Hits $100M ARR: Justify $10BN Price?

46:14 Implementation is the Biggest Barrier to Enterprise AI Growth

01:04:04 Is LLM Search Optimisation (GEO) Selling Snake Oil? What AI is a Fraud vs Real?

01:14:27 Figma Market Cap: Is the IPO Market F****** for 2026

Maor Shlomo is the Founder and CEO of Base44, the AI building platform that Maor built from idea to $80M acquisition by Wix, in just 8 months. Today the company serves millions of users and will hit $50M ARR by the end of the year. Before Base44, Maor was the Co-Founder and CTO of Explorium.

AGENDA:

00:05 – 00:10: How Vibe Coding is Going to Kill Salesforce and SaaS

00:13 – 00:15: Do Vibe Coding platforms have any defensibility?

00:22 – 00:24: I am not worried about Replit and Lovable, I am worried about Google…

00:28 – 00:29: Margins do not matter, the price of the models will go to zero

00:31 – 00:32: Speed to copy has never been lower; has the technical moat been eroded?

00:47 – 00:48: How does Base44 beat Cursor?

00:56 – 00:57: Do not pay attention to competition: focus on your business

00:57 – 00:58: How Base44 is helped, not hurt by not being in Silicon Valley?

00:58 – 00:59: What percent of code will be written by AI in 12 months?

01:01 – 01:02: OpenAI or Anthropic: Why Maor is Long Anthropic?

01:03 – 01:04: If I could have any board member in the world it would be Jack Dorsey

Max Altman is Co‑Founder & Managing Partner at Saga Ventures, a US$125 M early‑stage fund.  Before Saga Max was an investor with Apollo Projects, Hydrazine Capital and Altman Capital (where he helped deploy over US$500 M) into breakout names such as Rippling and Reddit.

AGENDA:

03:55 – Venture Capital Is FULL of Tourists With Single-Digit IQs

06:20 – Inside the Madness of Parker Conrad: Genius, Chaos, and WTF Emails

10:35 – The Rippling Deal That Changed Everything

12:40 – Living in Sam Altman’s Shadow: The Confession

17:30 – $200M Fund Mistakes: Max’s Brutal Lessons From Hydrazine

22:05 – The $2B Reddit Return… and the $2B Left on the Table

25:00 – Why Climate Tech Is a Total VC Mirage

28:40 – The New Seed War: Can Anyone Survive Sequoia & Andreessen?

46:55 – Max’s Boldest Predictions

AGENDA:

04:47 Cursor Raises $2.3BN at $29BN Valuation

11:36 What Gemini 3 Means for Lovable, Cursor and Replit

30:54 Peter Thiel and Softbank Sell NVIDIA: The Bubble Bursting?

48:54 Oracle Credit Default Swaps: The Risk is Increasing

01:07:22 Stripe Does Tender at All-Time High: Why the Best Companies Will Never IPO

01:19:18 Why Retail WIll Cause a Surge of Capital into VC Funds

Dr. Andrew Ng is a globally recognized leader in AI. He is Founder of DeepLearning.AI, Executive Chairman of LandingAI, General Partner at AI Fund, Chairman and Co-Founder of Coursera. As a pioneer in machine learning Andrew has authored or co-authored over 200 research papers in machine learning, robotics and related fields. In 2023, he was named to the Time100 AI list of the most influential AI persons in the world.

Agenda:

03:19 What are the Biggest Bottlenecks in AI Today? 

08:51 How LLMs Can Be Used as a Geopolitical Weapon

15:48 Should AI Talent Really Be Paid Billions?

29:07 Why is the Application Layer the Most Exciting Layer?

36:22 Do Margins Matter in a World of AI?

38:02 Is Defensibility Dead in a World of AI?

45:29 Will AI Deliver Masa Son’s Predictions of 5% GDP Growth?

49:39 Are We in an AI Bubble?

57:31 Will Human Labour Budgets Shift to AI Spend?

Carl Rivera is the Chief Design Officer at Shopify, where he previously led both Merchant Services and the Shop App as VP of Product. Before joining Shopify through its acquisition of Tictail, Carl was the co-founder and CEO of Tictail, the “Tumblr for e-commerce,” where he built one of the most beloved design-forward commerce platforms of its era.

AGENDA:

05:05 Biggest Lessons from Selling My Company to Shopify

09:55 Where Does Shopify Suck at Product: Lessons from that?

17:37 What makes Truly Great product Design: The Five Pillars

31:02 The Future of Design in an AI-Driven World

36:00 Do We Skip the Design Phase in AI: Figma's Evolving Role in Design

40:09 Remote Work vs. In-Person Collaboration: Where Remote Loses?

42:43 What Happens to the Vibe Coding Market

47:06 Product Management and Team Dynamics

59:48 Does AI Favour Incumbents or Startups

AGENDA:

04:22 Sequoia's Leadership Transition

09:46 Michael Burry's Big Short on Nvidia and Palantir

17:41 Gamma Raises $100M at a $2BN Valuation

32:34 Does Defensibility Exist Today When Copying is Easy

40:31 Should All Funds Be Way More Diversified

47:12 How to Run a Fundraising Process & What Not To Do

57:57 Datadog Surges 20% and Duolingo Crashes: What Happened

Ev Randle is a General Partner @ Benchmark, one of the best funds in venture capital. In their latest fund, they have Mercor ($10BN valuation), Sierra ($10BN valuation), Firework ($4BN valuation), Legora ($2Bn valuation) and Langchain ($1.4Bn valuation). To put this in multiples on invested capital, that is a 60x, two 30x and two 20x. Before Benchmark, Ev was a Partner @ Kleiner Perkins and before Kleiner, Ev was an investor at Founders Fund and Bond. 

AGENDA:

05:25 Biggest Investing Lessons from Peter Thiel, Mary Meeker and Mamoon Hamid

14:36 OpenAI Will Be a $TRN Company & OpenAI or Anthropic: Who Wins Coding?

22:27 Why We Should Not Focus on Margin But Gross Dollar Per Customer

30:25 Why AI Labs are the Biggest Threat to AI App Companies

44:26 Do Benchmark Fire Founders? If so… Truly the Best Partner?

54:38 People, Product, Market: Rank 1-3 and Why?

57:36 Why the Mega Funds Have Just Replaced Tiger

01:04:08 GC, Lightspeed and a16z Cannot Do 5x on Their Funds… 

01:14:09 Single Biggest Threat to Benchmark