20VC: The 10 Question Framework a $217BN Manager Uses to Make Investment Decisions | Lessons from Turning Down Stripe, Coinbase and Losing Money on Northvault | The Bull Case for Bytedance | How Anduril Could Be a $200BN Company with Peter Singlehurst
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
Release Date: 03/19/2025
20VC: Microsoft CTO on Where Value Accrues in an AI World | Why Scaling Laws are BS | An Evaluation of Deepseek and How We Underestimate the Chinese | The Future of Software Development and The Future of Agents with Kevin Scott
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
Kevin Scott is the CTO of Microsoft, where he leads the company’s AI and technology strategy at global scale and played a pivotal role in Microsoft’s partnership with OpenAI. Prior to Microsoft, Kevin spent six years at Linkedin as SVP of Engineering. Kevin has also enjoyed advisory positions with Pinterest, Box, Code.org and more. In Today’s Episode We Discuss: 04:10 Where is Enduring Value in a World of AI 10:53 Why Scaling Laws are BS 12:26 What is the Bottleneck Today: Data, Compute or Algorithms 15:38: In 10 Years Time: What % of Data Usage will be Synthetic 20:04 How Will AI...
info_outline
20VC: Will Revolut and Monzo List in the UK | How Does London Compete Against the US To Win The Best UK IPOs | Are UK Public Companies Punished on Price for Listing in London | The Myths and the Reality of The London Stock Exchange with CEO, Julia Hoggett
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
Dame Julia Hoggett is the CEO of the London Stock Exchange. Julia previously worked at the UK’s Financial Conduct Authority as Director of Market Oversight and Head of Wholesale Banking Supervision. In Today’s Episode We Discuss: 04:25 How to Become CEO of a National Stock Exchange 05:36 Why The Domestic Economy is F***** Despite the Boom in Financial Services 06:45 How Pension Fund Reform Dmaaged the UK Economy 09:31 Should the UK Copy the Canadian Pension Fund Structure 16:30 Will the Best Companies Like Revolut and Monzo List in London 24:17 Why Are Revolut Wrong to Want to List in the...
info_outline
20VC: Why Traditional VC is Broken: How VCs Learned Nothing from 2021 | Why LPs are More Important than Founders & Advice to Emerging Managers | Bull Case for Bytedance & Why TikTok's Ban Doesn't Matter with Mitchell Green, Lead Edge Capital
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
Mitchell Green is the Founder and Managing Partner of Lead Edge Capital. Mitchell has led or co-led investments in companies including Alibaba, Asana, Benchling, ByteDance, Duo Security, Grafana, Mindbody, and Xamarin, among several others. In Today’s Episode We Discuss: 04:31 How Bessemer Taught Me The One Golden Rule of Investing 06:48 Why AI Infrastrcture is the Worst Investment to Make 08:51 Why it is Comical to think there will be $BN one person companies? 09:26 WTF Happens To The Cohort of SaaS Companies With Slow Growth, Not Yet Profitable and $50M-$200M in Revenue 16:12 What is the...
info_outline
20VC: The Insane Story of DeliveryHero: Losing $200M on a Gorillas Investment | Winning the Emerging Markets Delivery War with 35 Acquisitions | Competing with Uber and Doordash in a Capital Arms Race with Niklas Östberg
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
Niklas Östberg is the Founder and CEO of Delivery Hero, a global juggernaut now present in over 70 countries across four continents. In Q4 2024, the company announced GMV of $49BN with $12.8BN in revenue and $750M in EBITDA. They have made an astonishing 35+ acquisitions including $2BN for Glovo. Before launching Delivery Hero, Niklas co-founded Pizza.nu, leading its expansion across Sweden, Poland, Finland, and Austria. In Today’s Episode We Discuss: 04:09 How Skiing Prepared Me For Life As An Entrepreneur 10:12 Losing $200M on Gorillas Investment 17:58 Quick Commerce: Does the Business...
info_outline
20VC: AI Chip Wars: How Cerebras Plans to Topple NVIDIA's Dominance | Why We Have Not Reached Scaling Laws in AI | What Happens to the Cost of Inference | How We Underestimate China and Shouldn't Sell To Them with Andrew Feldman
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
Andrew Feldman is the Co-Founder and CEO @ Cerebras, the fastest AI inference + training platform in the world. In Sept 2024 the company filed to go public off the back of a rumoured $1BN deal with G42 in the UAE. Andrew is the leading expert for all things inference. In Today’s Episode We Discuss: 04:23 Where Was AI Landscape in 2015 When Cerebras Founded 05:57 NVIDIA’s Biggest Strength Has Become Their Biggest Weakness 07:09 What Happens to the Cost of Inference? 08:55 Why Are AI Algorithms So Inefficient? 20:30 Why is it Total BS That We Have Hit Scaling Laws? 23:07 What Will Be...
info_outline
20VC: Selling Drift for $1.2BN is the Biggest Failure: What No One Tells You About Selling Your Company | Why Incumbents Are Slower & Worse Than Ever | Why the Most Valuable Companies in a World of AI Will Not Have More Than 100 People with Elias Torres
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
Elias Torres is the Co-Founder and CEO of Agency, the AI agent for customer success teams. Prior to Agency, Elias was the Co-Founder of Drift, a company he sold to Vista for $1.2BN Before that he started Performable, which he sold to Hubspot. In Today’s Episode We Discuss: 03:50 Do Rich Founders Make Better Founders: How Backgrounds Shape You 06:23 Speed: Why are Incumbents Slower than Ever 10:00 Quality: Why are Incumbents Worse than Ever 25:34 Why Was Selling Drift For $1.2BN a Massive Failure 33:30 How Did a Cushy Culture Kill Drift 37:01 What They Never Tell You About Selling for...
info_outline
20VC: The 10 Question Framework a $217BN Manager Uses to Make Investment Decisions | Lessons from Turning Down Stripe, Coinbase and Losing Money on Northvault | The Bull Case for Bytedance | How Anduril Could Be a $200BN Company with Peter Singlehurst
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
Peter Singlehurst is the Head of Private Companies at Baillie Gifford. He has led research on a wide range of private investments including Epic Games, Bending Spoons, Anduril, Solugen, Scopely, and Grammarly, as well as a number of private holdings that have since transitioned to the public markets such as Airbnb, Affirm, Warby Parker, Wise and Tempus AI. In Today’s Episode with Peter We Discuss: 04:24 How I Accidentally Came to Manage One of the Largest Private Investment Firms in the World 07:29 What I Learned Losing 100s of $Ms 10:22 The 10 Questions Baillie Gifford Needs to...
info_outline
20VC: HubSpot CEO on Where Value Accrues in SaaS AI | How HubSpot Competes Against Salesforce | Why B2B Is Not a Winner Take All Market | How to Go From SMB to Enterprise an Win | How SEO Dying Changes HubSpot's Business with Yamini Rangan
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
Yamini Rangan is the CEO at HubSpot. The $32BN juggernaut that has revenues of $2.6BN, over 247,000 customers and 8,200 employees. Prior to Hubspot, Yamini served as Chief Customer Officer at Dropbox, and before Dropbox, she was VP of Sales Strategy and Operations at Workday. In Today’s Episode We Discuss: 04:16 Taking Over the CEO Role from the Founders 07:58 Wartime vs Peacetime CEOship 11:18 How to Scale Into Enterprise: What Everyone Gets Wrong 22:20 Why is B2B Not Winner Take All 29:33 How Does HubSpot Compete Against Salesforce 33:26 Where Does Value Accrue in a World of AI 37:40...
info_outline
20Product: How to Design and Build Products in a World of Agents | Why AI Will Kill Many SaaS Products | What Products Will Thrive and Die in a World of 100M Developers with Matt Biilmann, Co-Founder and CEO @ Netlify
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
Matt Biilmann is the Co-Founder and CEO @ Netlify. Under his leadership, Netlify has become one of the fastest-growing platforms for modern web development. Matt recently introduced agent experience (AX), a new way of thinking about how software is built and experienced in the AI era. Matt is also known for coining Jamstack, a concept that redefined how developers build for the web. In Today’s Episode We Discuss: 03:43 How Does the Design Process Change When Designing For Agents 06:27 How Does the Product Building Process Change When Building for Agents 12:52 Will AI Kill...
info_outline
20VC: Lessons from Investing $2BN and Returning $8BN in Cash | Why Most Venture Partnerships are Broken | We Sold Salesforce Early and Lost Out on Billions | Are The Best Deals Always Expensive and Competitive with Jake Saper @ Emergence Capital
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
Jake Saper is a General Partner @ Emergence Capital, one of the leading venture firms of the last 20 years. Their many wins include being early investors in Salesforce, Zoom, Veeva and more. In total, the firm has invested $2BN and returned an astonishing $8BN in cash with much more to come. In Today’s Episode We Discuss: 04:45 The Zoom Investment Story 10:21 Founder, Market, Traction: Rank Them 26:37 Why Market Pull is the Most Important Thing and How to Know 27:23 Are the Best Deals Always Expensive? 28:25 What is the One Framework Emergence Use for Every Investment 29:08 Lessons...
info_outlinePeter Singlehurst is the Head of Private Companies at Baillie Gifford. He has led research on a wide range of private investments including Epic Games, Bending Spoons, Anduril, Solugen, Scopely, and Grammarly, as well as a number of private holdings that have since transitioned to the public markets such as Airbnb, Affirm, Warby Parker, Wise and Tempus AI.
In Today’s Episode with Peter We Discuss:
04:24 How I Accidentally Came to Manage One of the Largest Private Investment Firms in the World
07:29 What I Learned Losing 100s of $Ms
10:22 The 10 Questions Baillie Gifford Needs to Answer to Make an Investment
15:53 Why We Did Not Double Down in Stripe and Turned Down Coinbase
33:10 The ByteDance Investment Case
36:33 Why Would Any Good Company Go Public Today
39:19 Growth Stage Investing Trends
40:46 How Anduril Becomes a $200BN Company
45:39 Is 2024 Different to the Madness of 2021 and 2022
47:18 The Decision-Making Process Inside a $217BN Firm
49:00 How Does Re-Investment Decision-Making Differ from Original Investments
55:56 Future of Growth Equity Investing
58:12 Quick Fire Questions