Sequoia Partner Alfred Lin joins Sourcery to share how one of the world’s most iconic venture funds, which has distributed over $43B to investors since 2020, continues to back outlier founders at the earliest stages. Sequoia just launched its latest early stage funds: Seed Fund VI: $200M and Venture Fund XIX: $750M, to continue partnering with the next generation of outlier founders at the start of their journey. Sitting at Number 1 on the Midas list two years in a row, Alfred goes deep to share Sequoia’s company-building philosophy with stories from OpenAI, DoorDash, Kalshi, Commure, Zipline, and more.Alfred explains how Sequoia thinks about partnering with founders four standard deviations above the mean, why efficiency matters more than capital, the role of pivots in scaling, and how to distinguish quality revenue from experimental revenue in today’s AI-driven market.Topics include:Sequoia’s founder-first investing philosophyHow Alfred helped Kalshi navigate regulatory battlesDoorDash’s efficiency playbook vs. Uber EatsZipline’s “Big P” pivot to medical drone deliveryRevenue quality, AI hype cycles, and Sequoia’s outlookAlfred Lin: https://x.com/Alfred_LinMolly O’Shea: ⁠https://x.com/MollySOShea⁠Sourcery: ⁠https://x.com/sourceryvc𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery• Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery• Carta—Carta connects founders, investors, and limited partners through software purpose-built for private capital. Trusted by 65,000+ companies in 160+ countries, Carta’s platform of software & services lays the groundwork so you can build, invest, and scale with confidence. https://carta.com/sourcery• Kalshi—The largest prediction market and the only legal platform in the US where people can trade directly on the outcomes of future events: https://kalshi.com/sourceryFollow Sourcery for the latest updates!https://www.sourcery.vc/

Alfred Lin, Sequoia

What makes an “outlier founder”

Bespoke founder support: lessons from Airbnb & DoorDash

Stories from Kalshi: regulation, elections & more markets

Little “p” pivots vs. Big “P” pivots

Zipline’s dramatic pivot to medical drones

DoorDash vs. Uber: efficiency as a weapon

When to pour capital into growth

Growth vs. true product-market fit

The race to $100M revenue – healthy or not?

Pilot/experimental revenue vs. real ARR

Breaking down revenue quality: SaaS vs. hardware vs. services

AI cycle, hype, and founder pressure

Why Sequoia expects more from this generation of founders