In today's episode, we discuss Benchmark's investment philosophy in the AI era with general partner Eric Vishria, and Sergiy Nesterenko, the Founder and CEO of Quilter. Sitting in for Erik Torenberg as host is AI Scout and Cognitive Revolution host Nathan Labenz. They cover the questions that Benchmark asks to determine whether a new company is solving an enduring or temporary problem, and the reasons why Benchmark hasn't invested in a foundational model to date. They also discuss the innovation behind Quilter's groundbreaking use of reinforcement learning to automate integrated circuit board designs. They delve into the importance of thinking beyond 'co-pilots' to fully automated AI solutions, and explore the balance of research and engineering in the AI space. 🔥 Apply to join over 400 founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj -- This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected]. ---- SPONSORS: 🦾Level up your ineffective website chatbot with CommandBar. CommandBar builds a new type of web assistant which delivers highly personalized responses, real time co-browsing, and can perform actions on behalf of the users. Learn how Hashicorp, Gusto, Freshworks and more use CommandBar at https://commandbar.com/moz 💥 Access global engineering without the headache and at a fraction of the cost: head to choosesquad.com and mention “Turpentine” to skip the waitlist. -- RECOMMENDED PODCAST: 10x Capital Podcast If you like Turpentine VC, check out our show The 10x Capital Podcast with David Weisburd, where David talks to the investors behind the investors: https://10xcapitalpodcast.com/ -- LINKS: Automating Circuit Board Design Using Reinforcement Learning w Sergiy Nesterenko, Founder of Quilter: https://www.youtube.com/watch?v=XXH-KtwcevQ&ab_channel=AutopilotwithWillSummerlin) Chris Dixon’s The Idea Maze: https://cdixon.org/2013/08/04/the-idea-maze -- Follow on X @eriktorenberg (Erik) @ericvishria (Eric) @sergiynest(Sergiy) @turpentinemedia (Turpentine) -- TIMESTAMPS: (00:00) Intro (01:13) Eric's Investment Thesis at Benchmark (03:35) The "AI and Done" Approach (07:15) Diverging from Large Language Models (09:27) The "Idea Maze" Framework (12:40) Disruptive Innovation (16:00) Exploring the Data Landscape (16:45) Data Limitations and Reinforcement Learning (18:06) Overcoming the Sparse Reward Problem (19:17) Human Heuristics and Intermediate Rewards (21:12) Extrapolation vs. Interpolation (24:43) Trusting the Reward Signal in Circuit Board Design (25:52) Physics as an Unambiguous Oracle (27:11) User-Defined Search (29:45) Compute Allocation (31:53) Different Physics Simulation Techniques (34:13) The Diffusion Model Approach (38:07) Advantages of Reinforcement Learning (40:08) Timeline and Bottlenecks (41:43) Unsolvable Problems and Gradual Progress (42:03) The Future of Circuit Board Design (50:22) Benchmark Portfolio (47:31) Challenges and Opportunities in Each Category (53:34) The Gap Between Research and Engineering (53:52) Call for Startups

Today's episode features a discussion from 2023 with reknowned independent analyst Benedict Evans (formerly a16z and Mosaic Ventures) about his predictions and frameworks for AI, VR/AR, Crypto and blockchain, the cloud, automation, and more. AI scout and podcast host Nathan Labenz (The Cognitive Revolution's host) joined for the last 20 minutes to deepen the discussion on AI. Crush your 2024 goals and learn a new language with Babbel - get 60% off at Babbel.com/torenburg 🔥 Apply to join over 400 founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj -- SPONSORS: 🌐 Ready to achieve your 2024 goals? Start learning a new language with Babbel in just three weeks. Enjoy app lessons, live classes, and podcasts designed for real-world conversations. Get up to 60% off at babbel.com/torenburg 💥 Access global engineering without the headache and at a fraction of the cost: head to https://choosesquad.com and mention “Turpentine” to skip the waitlist. -- This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected]. -- RECOMMENDED PODCAST: 10X Capital Podcast If you like Turpentine VC, check out our show The 10x Capital Podcast with David Weisburd, where David talks to the investors behind the investors -- LINKS: Benedict's website (featuring his 2024 presentation): https://www.ben-evans.com/ Benedict's podcast with Toni Cowan-Brown: https://another-podcast.simplecast.com/ -- TIMESTAMPS: (00:00) Intro and Preview (00:26) Predicting Tech Trends (02:20) Esco Model (03:42) Deployment of Older Ideas (05:39) Netflix: A TV Company, Not a Tech Company (07:06) Software's Impact on Different Industries (11:43) Regulation and Technology in Healthcare, Education, and Housing (13:51) Direct-to-Consumer (15:16) Overestimating and Underestimating Change (16:15) Blockchain and VR: Still Early Days (17:54) Sponsor: Babbel | Squad (20:55) "Killer App" Fallacy (23:37) Web 3.0 and Crypto: Overhyped and Underappreciated (28:07] Decentralization and the "Can't Be Evil" Thesis (30:05) The Limits of Decentralization (42:54) Defining the Metaverse (47:30) The Impossibility of True Portability (49:25) Consumer Surplus and Business Models (1:00:43) AI: Unbundling Jobs and Bundling Apps (1:05:15) Vin's Paradox and the Automation Cycle (1:09:40) The Speed of Technological Change (1:13:15) Deploying New Technologies Takes Time (1:14:56) Questions for the Future

This episode was initially recorded before a live audience in 2018. Erik Torenberg talks with Naval Ravikant and Balaji Srinivasan about the history of money and centralization and why crypto has the potential to fulfill the promise of the internet. Access global engineering without the headache and at a fraction of the cost: head to https://choosesquad.com and mention “Turpentine” to skip the waitlist. Balaji Srinivasan is a founder, investor, and author of The Network State. Naval Ravikant is an entrepreneur, investor, and former CEO of Angellist. 🔥 Apply to join over 400 founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj -- This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected]. -- SPONSORS: 🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine (and make sure to mention Turpentine VC during your demo.) 💥 Access global engineering without the headache and at a fraction of the cost: head to https://choosesquad.com and mention “Turpentine” to skip the waitlist. RECOMMENDED PODCAST: 10x Capital Podcast If you like Turpentine VC, check out our show The 10x Capital Podcast with David Weisburd, where David talks to the investors behind the investors: https://10xcapitalpodcast.com/ --

Today's episode of Turpentine VC is a throwback to a conversation Erik Torenberg recorded with Parker Conrad and Parker Thompson that debates how much "value-add" investors can offer founders, issues around the misalignment between investors and founders, and the underdiscussed factors that influence VC deals. Parker Conrad is the co-founder and CEO of Rippling (and co-founder/CEO of Zenefits) and Parker Thompson is a current partner at SAX Capital (formerly Partner at Angellist). The conversation was recorded in 2018. Access global engineering without the headache and at a fraction of the cost: head to https://choosesquad.com and mention “Turpentine” to skip the waitlist. 🔥 Apply to join over 400 founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj -- SPONSORS: 🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine (and make sure to mention Turpentine VC during your demo.) 💥 Access global engineering without the headache and at a fraction of the cost: head to https://choosesquad.com and mention “Turpentine” to skip the waitlist. This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected]. -- RECOMMENDED PODCASTS: The 10x Capital Podcast If you like Turpentine VC, check out our show The 10x Capital Podcast with David Weisburd, where David talks to the investors behind the investors: https://10xcapitalpodcast.com/. -- TIMESTAMPS: (00:00) Intro 00:46 The Mystery of Startup Bill Jackson: Unraveling the Twitter Persona (02:11) Investor Insights: The Good, The Bad, and The Ugly (05:51) The Role of Investors: From Therapists to Strategists (08:18) Brand Power and The Investor's Influence (09:15) The Board Pleasing their LPs (18:57)Navigating Founder-Investor Dynamics: A Real Talk (19:28) The Seed Stage Perspective: Aligning with Founders (26:07) The Boardroom Dilemma: Control, Influence, and Alignment (36:44) Choosing the Right Investors: Lessons from Zenefits to Rippling (37:01) Navigating Investor Relationships: Insights and Advice (38:34) The Ideal Board Composition and Investor Dynamics (39:22) Understanding VC Power and Protecting Your Company (41:03) Real-world Challenges with Investors and Board Members (42:51) Strategies for Entrepreneurs Facing Investor Pressure (43:52) The Importance of Knowing Your VC's Business Model (45:24) Raising Capital: Balancing Valuation and Partnership (51:02) The Role of Unions and Standardization in Entrepreneurship (54:33) Optimizing Fundraising Strategy for Long-term Success (1:07:22) Closing Thoughts on Venture Capital Dynamics (1:09:08) Wrap

This episode of Turpentine VC is a live panel from the Hill and Valley Forum held in May 2024 on the pivotal role of novel technologies and AI in modern warfare and defense strategies, and how venture is helping rebuild the capital formation of the industrial base. Senator Mike Rounds moderates Joe Lonsdale, Managing Partner at 8VC, Josh Wolfe of Lux Capital, and Matthew Steckman, CRO at Anduril to discuss the novel military applications of the technologies they are working on and the shift in culture at the DoD that could usher in a new future of warfare. Source better deals with the most complete startup database: https://bit.ly/harmonicturpentine 🔥 Apply to join over 400 founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj RELATED PODCAST: Subscribe to The Hill & Valley Podcast This season brings together Silicon Valley innovators and lawmakers to address the most pressing problems: the techno-economic war with China, AI regulations, and the next space race. Hear new episodes with Alex Karp, Jacob Helberg, Alexandr Wang, Jack Clark, Roelof Botha, Delian Asparouhov, and Vinod Khosla. Apple: https://podcasts.apple.com/us/podcast/the-hill-valley/id1692653857 Spotify: https://open.spotify.com/show/39s4MCyt1pOTQ8FjOAS4mi -- SPONSORS: 🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine (and make sure to mention Turpentine VC during your demo.) 💥 Access global engineering without the headache and at a fraction of the cost: head to https://choosesquad.com and mention “Turpentine” to skip the waitlist. This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected]. -- RECOMMENDED PODCASTS: The 10x Capital Podcast If you like Turpentine VC, check out our show The 10x Capital Podcast with David Weisburd, where David talks to the investors behind the investors: https://10xcapitalpodcast.com/. -- LINKS: https://www.thehillandvalleyforum.com/ -- TIMESTAMPS: (00:00) Intro (01:32) Introductions and Expectations: Panelists Share Their Vision (01:53) Spotlight on Defense Innovation: From AI to Aerospace (06:46) The Future of Warfare: AI, Autonomy, and New Technologies (09:23) Venture Capital and Defense: Bridging the Gap for Battlefield Superiority (12:11) AI in Defense: Opportunities, Challenges, and the Path Forward (14:50) Sponsor: Harmonic | Squad (17:20) Australia's Defense Modernization, With the Help of a US company, OSUC (28:14) Leveraging AI Beyond Weapon Systems: Healthcare and Maintenance (31:29) Closing Remarks

In this episode of Turpentine VC, Erik Torenberg interviews Will Summerlin, managing partner at Autopilot, a VC firm investing in companies that use AI to automate industries. Prior to co-founding Autopilot, Will was an investor at ARK. Erik and WIll discuss where to find alpha when investing in AI, the competitive edge of incumbents versus startups, and investment strategies tailored to AI's potential. 🔥 Apply to join over 400 founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj -- SPONSORS: 🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine (and make sure to mention Turpentine VC during your demo.) 💥 Access global engineering without the headache and at a fraction of the cost: head to https://choosesquad.com and mention “Turpentine” to skip the waitlist. This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected]. -- LINKS: Will Summerlin's podcast: Autopilot - Autopilot explores the adoption and rollout of AI in the industries that drive the economy and the dynamic founders bringing rapid change to slow-moving industries. From law, to hardware, to aviation, Will Summerlin interviews founders backed by Benchmark, Greylock, and more to learn how they're automating at the frontiers in entrenched industries. Listen on Spotify: https://open.spotify.com/show/6YQZkKHN7EP2yWedAvSxBC?si=18377c69a2804333 Listen on Apple: https://podcasts.apple.com/ca/podcast/autopilot-with-will-summerlin/id1738163836 Autopilot VC: https://apv.vc/ -- TIMESTAMPS: (00:00) Intro (00:45) Thesis of Autopilot's fund and the AI Supercycle (02:05) The Edge of AI in Various Domains (03:07) Venture Capital Perspectives on AI Startups (06:20) Identifying Opportunities and Challenges in AI Investment (06:48) Deep Dive into AI's Impact on Specific Industries (11:46) Strategies for AI Startups and Investment Insights (13:55) The Future of AI: Foundation Models and Startup Opportunities (14:15) Sponsor: Harmonic | Squad (16:44) Llama 3 Use Cases (23:49) Drawing Parallels: From the Industrial Revolution to Today's AI Revolution (24:32) The Impact of AI on Software Development and Productivity (24:55) Exploring the Dynamics of Revenue and Cost Centers in the AI Era (26:04) Strategy: Navigating the Series A and B Landscape (30:17) The AI Super Cycle: Predicting a Surge in Enterprise Value (32:44) Finding Alpha in a Crowded Market (39:51) The Monopolistic Outcomes of AI Markets (41:50) Fund Size and Investment Strategy in the Series A and B Space (45:26) Automating Financial Services in FinTech and AI (48:36) Wrap -- RECOMMENDED PODCASTS: The 10x Capital Podcast If you like Turpentine VC, check out our show The 10x Capital Podcast with David Weisburd, where David talks to the investors behind the investors: https://10xcapitalpodcast.com/.

In this episode of Turpentine VC, Erik Torenberg sits down with Alex Edelson from Slipstream Investors, and explores the potential for a new fund built on top of Turpentine, Erik's media company. This live pitch jam session covers the key questions and mental models for building and validating a new fund. They also cover portfolio construction, fund size and stage, and the delicate balance between sticking to proven strategies and evolving with the market's needs. Source better deals with the most complete startup database: https://bit.ly/harmonicturpentine -- SPONSORS: 🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine (and make sure to mention Turpentine VC during your demo.) 💥 Access global engineering without the headache and at a fraction of the cost: head to https://choosesquad.com and mention “Turpentine” to skip the waitlist. This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected]. -- RECOMMENDED PODCASTS: The 10x Capital Podcast If you like Turpentine VC, check out our show The 10x Capital Podcast with David Weisburd, where David talks to the investors behind the investors: https://10xcapitalpodcast.com/. Alex has been a guest on his feed as well. -- LINKS: Turpentine's master plan: https://phantom-nape-ffe.notion.site/Turpentine-master-plan-524e460771354cb7a84328939c5d9cf1 Slipstream Investors: https://www.slipstreaminvestors.com/approach -- TIMESTAMPS: (00:00) Intro (00:39) Exploring the Potential of Turpentine as an (09:13) Navigating the Challenges of Media and Investing Synergy (17:22) Sponsor: Harmonic | Squad (19:51) Portfolio Strategies and LP Preferences (24:50 )Exploring Venture Capital Strategies and Insights (26:10) Building a Media Empire (31:01) Sector Focus and Portfolio Construction (32:30) Building a Compelling Venture Fund Pitch Deck (36:12) Proving Out the Strategy (40:21) Future Fund Growth and Strategy Adaptation (45:58) Wrap

Erik Torenberg talks to Vinod Khosla about his contrarian bets at Khosla Ventures, the firm’s strategic thinking about the future, and why his “venture assistance” is different than other funds. They also discuss his investment thesis in AI (including OpenAI), robotics, biotech, crypto, education, transportation, and more. Source better deals with the most complete startup database: https://bit.ly/harmonicturpentine -- SPONSORS: 🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine (and make sure to mention Turpentine VC during your demo.) 💥 Access global engineering without the headache and at a fraction of the cost: head to https://choosesquad.com and mention “Turpentine” to skip the waitlist. This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected]. -- RECOMMENDED PODCASTS Company Breakdowns & The 10x Capital Podcast Company Breakdowns dives into S-1s and series B-and-beyond companies, interviewing founders and investors to break down the companies. First episode is on Rubrik - which just IPO'd. Coming up this season: Databricks, Reddit + more Spotify: https://open.spotify.com/show/0epyYBAxLeF0PsNagdDJAJ Apple: https://podcasts.apple.com/us/podcast/company-breakdowns/id1743119197 If you like Turpentine VC, check out our show The 10x Capital Podcast with David Weisburd, where David talks to the investors behind the investors: https://10xcapitalpodcast.com/ -- LINKS: Favorite book: The Score Takes Care of Itself by Bill Walsh Vinod’s Predictions (2023) : https://www.khoslaventures.com/vinod-predictions-in-2023-of-what-the-next-10-to-25-years-might-look-like/ Reinventing Societal Infrastructure with Technology (2018) : https://medium.com/@vkhosla/reinventing-societal-infrastructure-with-technology-f71e0d4f2355 -- TIMESTAMPS: (00:00) Intro (00:49) Reflecting on 20 Years of Khosla Venture's Evolution and Team Dynamics (07:12) Staying the Course: Long-Term Investments and Impact (11:31) Contrarian Bets (13:20) Redefining Humanity (15:41) Crypto Strategy and Real-World Applications (17:55) Sponsor: Harmonic | Squad (20:24) Venture Assistance and Team Building Insights (25:34) On Good and Bad Advice (28:32) Determining Who to Take Advice From (30:21) Rethinking Hiring and Entrepreneurship (31:08) Investment Strategies and Learning from Failures (33:16) Venture Capital Insights and Asymmetric Risk (37:30) Global Fund Strategy and Technological Impact (42:36) The Future of Work and AI's Role (53:35) Personal Philosophy and Longevity in Venture Capital (58:57) Wrap

This episode features a discussion recorded in 2023 between Erik Torenberg and Joe Lonsdale, founder of 8VC, Palantir and the Cicero Institute. They cover Joe's proposed solutions to challenges in U.S. education, prison reform, homelessness, healthcare, defense, and more. This conversation offers a riveting overview for anyone in venture to better understand the interplay of policy and market-driven solutions to systemic problems. Source better deals with the most complete startup database: https://bit.ly/harmonicturpentine -- SPONSORS: 🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine (and make sure to mention Turpentine VC during your demo.) 💥 Access global engineering without the headache and at a fraction of the cost: head to https://choosesquad.com and mention “Turpentine” to skip the waitlist. This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected]. -- Recommended Podcast: Company Breakdowns Each episode of Company Breakdowns dives into S-1s and series B-and-beyond companies, interviewing founders and investors to break down the companies. First episode is on Rubrik - which just IPO'd. Coming up this season: Databricks, Reddit + more, Spotify Apple -- LINKS: 8VC: https://www.8vc.com/ The Cicero Insitute: https://ciceroinstitute.org/issues/ -- TIMESTAMPS: (00:00) Intro (00:56) Having the Biggest Impact (02:39) Navigating Partisanship in Tech and Philanthropy (03:22) Making Good Ideas Win (05:57) Holding Institutions Accountable (08:11) The Real Problems in Education (10:50) Challenging Government Unions and Police Reform (13:00) Prison Reform: Data-Driven Accountability (16:40) Addressing Homelessness (19:21) Sponsor: Harmonic | Squad (21:51) Market Incentives, Competition and Accountability (25:42) Healthcare Reform: Monopolies and Misaligned Incentives (31:08) Reform vs Exit (32:50) Defense and National Security (36:46) State-Level Impact vs. Federal Challenges (39:14) Engaging in Local and State Governance for Change (42:26) Addressing Wealth Inequality and Education Reform (55:40) The Future of Education

In this episode Erik Torenberg sits down with Jason Lemkin, the founder and CEO of SaaStr, a venture firm, podcast network, event series, and the world’s largest community for B2B/SaaS founders. This candid conversation focuses on SaaStr's business model at the intersection of VC, media, and events. Jason also covers why all VC's need to nail the right amount of marketing, what 'edge' looks like in venture, why Jason never created a YC for SaaS, and the distinctions between business models that seem scalable versus those that genuinely achieve exponential growth. -- SPONSORS: 🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine (and make sure to mention Turpentine VC during your demo.) 💥 Access global engineering without the headache and at a fraction of the cost: head to https://choosesquad.com and mention “Turpentine” to skip the waitlist. This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected]. -- Recommended Podcast: Company Breakdowns Each episode of Company Breakdowns dives into S-1s and series B-and-beyond companies, interviewing founders and investors to break down the companies. First episode is on Rubrik - which just IPO'd. Coming up this season: Databricks, Reddit + more, Spotify Apple -- TIMESTAMPS: (00:00) Intro (01:22 ) Evolution of SaaStr Fund (01:58) Accidental Success (03:35) Community + Content (06:52) Challenges and Realities of Scaling in Venture Capital (07:46) Finding the Edge (14:05) Jason Lemkin and Harry Stebbings of  @20VC  (15:36) Why Jason Never Created a YC for SaaS (23:05) Deciding on Fund Size and Scale (30:56) Partnering in a Smaller Fund or Heading to a Mega Fund (35:07) Sponsor: Harmonic | Squad (37:51) Media and Event Business Models (44:38) Field Marketing in Business Growth (49:40) Rolling Up Vertical Media Businesses (the SaaStr Model) (1:03:17) Complexities of Managing Multiple Income Streams (1:08:11) Building Empires in Venture Capital