O Futuro da Informação
O Futuro da Informação
@HarryStebbings
🎤 @twentyminutevc, 🏦 @20vcfund, @projecteurope_😇 @fuseenergy @linear @fyxerai @cognition @lovable @airwallex @mercor_ai @workos
What will be SpaceX's core business in five years? "I think Starlink will be the vast portion of the value. I don't think data centers in space will be a meaningful percentage of revenue. Their existing data center business will be a high-revenue, relatively x.com/HarryStebbings…
Do venture investors have to risk more with less in an AI world? "You have to decide that you're willing to pay more on less information than the SaaS era. The market and traction that you're going to see if you're right comes so much quicker and is so much bigger. That is the x.com/HarryStebbings…
What is the right play for venture in an AI world? "If you can get into the company the moment they blow up, that’s when you want to invest. You want to invest the hour it blows up. The minute it blows up, you want to get in their DM and just wire the money in right away. x.com/HarryStebbings…
Is SpaceX the Geocities of our time? "We may look back and say, “These were some good companies,” but 100x trailing sales, My God. Twitter's growth has shrunk 50% since he bought it. Elon's the magician of revenue compression in Twitter." @jasonlk Love your thoughts on the x.com/HarryStebbings…
$1BN entry is the new Series A. We used to expect 20x on Series A. $50M entry price goes to $1BN. Amazing. Same is true now. Just the scale of exit has changed. $1BN entry hoping it goes to $20BN. Times they are a changing.
Are Open AI rushing to go out before Anthropic? "They've been lapped. And it's pretty grim. If one company is growing 10x year on year and the other company is growing 2/3x year on year, within a couple of quarters, Anthropic will be visibly and obviously ahead. OpenAI could x.com/HarryStebbings…
Holy s***. Last week was the Superbowl of S-1’s. SpaceX and OpenAI. This is happening. The largest IPO in history is taking shape. I sat down with @jasonlk and @rodriscoll to discuss the filing, along with the biggest news in tech this week: - Anthropic hits $44B ARR,
Spotify 👉 open.spotify.com/episode/6jR2NV… Youtube 👉 youtu.be/jhZsQb3YvDg Apple Podcasts 👉 podcasts.apple.com/us/podcast/20v…
Holy s***. Last week was the Superbowl of S-1’s. SpaceX and OpenAI. This is happening. The largest IPO in history is taking shape. I sat down with @jasonlk and @rodriscoll to discuss the filing, along with the biggest news in tech this week: - Anthropic hits $44B ARR,
Spotify 👉 open.spotify.com/episode/6jR2NV… Youtube 👉 youtu.be/KNLZpehM5rA?si… Apple Podcasts 👉 podcasts.apple.com/us/podcast/20v…
This is one of the most moronic decisions in recent years. Focus on your core. Shopify still uses Stripe. Enough said. Excited for Kirkland to join Legora when they fail with this.
"Most of the layoffs were AI-washed. They were because we did bone-headed hiring during COVID. A great deal of productivity gains have occurred over the years that we're now harvesting. None of this is AI yet. As we get more productive, we do more things. We're gonna hire
Why it is BS that we are in an AI infra bubble... "We can't build data centers fast enough to keep up with demand. We're not building ahead of demand. We're building behind demand. We are trying to keep up with demand, not the other way around." @andrewdfeldman What does no
It is BS to think we are in an AI infrastructure bubble. Dario did not get a good deal for compute with Elon. We, the US and Jensen should not be selling chips to China. This is the best podcast you will listen to this week on AI. My notes from my conversation with
Spotify 👉 open.spotify.com/episode/5jrrDF… Youtube 👉 youtu.be/6EOwSXE3Xws Apple Podcasts 👉 podcasts.apple.com/us/podcast/20v…
I just interviewed a CEO who said three things that blew my mind: 1. We replaced our $600K Salesforce contract with a vibe-coded CRM, built within 3 weeks. 2. We will get rid of 80% of the SaaS we use internally. 3. If Anthropic doubled pricing, we would not change usage in
"In five years time, companies will spend more on compute than they will headcount." @BrendanFoody coming soon.
The moment the VC needs to put pressure on the entrepreneur, they have bet on the wrong person. The best founders are their harshest critics, always driving and pushing for more in themselves.
Do VCs Truly Add Value to Companies: "There are three types of people: 1. Those who make it happen. 2. Those who watch it happen. 3. Those who wonder what happened. I think at best VCs are in the second camp. Sometimes unfortunately, they can be in the third." Love to hear x.com/HarryStebbings…
Early-stage investing is very simple. 1. Generational defining founders (top 1%). 2. Directionally correct markets, fast-growing markets. 3. Investment has to be able to return the fund multiple times. So why did @P_Bonnet just rip a $15M check from 20VC into
Token Spend is the New Early-Stage Marketing "At the early stage, token spend becomes marketing spend. You can give away $20K to $50K a month in tokens to drive usage. What used to be expensive marketing is now just giving away product." @jasonlk How do you think about this x.com/HarryStebbings…
SaaS is Transitioning to Middle Age "SaaS had its moment where it was valued on prospects and futures, like being 21. Now it’s valued on revenue, growth, and cash flow, and you don’t get that attention back. You can still build a $10B company, but the game has changed." x.com/HarryStebbings…
The New "Sub-Figma" IPO Barrier "Nothing sub-Figma can IPO and have a decent outcome anymore. The new bar is being better than Figma. If you’re not at that level, it’s not a good time to IPO." @jasonlk Do you agree with this @tobi @abialecki @levie @chamath @bgurley x.com/HarryStebbings…
Wild stat: when Cerebras went public they made 800 millionaires. Incredible. 🤯
AI Mega-Rounds Offer Better Value Than Series A "If ARR multiples are the metric, the best value is buying companies at 18x ARR growing 10x year on year. You can invest in something already massive that will clearly go public at a better multiple. That’s why smart capital x.com/HarryStebbings…
In the last week I have had 7 $10BN CEOs tell me this show is the only podcast they listen to EVERY week. On the agenda this week: - Andrej Karpathy Joins Anthropic - Anthropic Raises $30BN at $900BN Price - SpaceX Files S1: How Does it Trade? - Cerebras Smashes Day 1: What
Spotify 👉 open.spotify.com/episode/4Z0XUs… Youtube 👉 youtu.be/z94zlbVn048 Apple Podcasts 👉 podcasts.apple.com/us/podcast/20v…
The speed of equity funding rounds are doing a disservice to founders. Seeing so many founders agree terms for rounds at $3M in ARR and 4 weeks by the time legals are done, their ARR is at $15-$20M. The speed of company progression is outpacing legal completion.
Why Kingmaking Does Exist Within VC and Why You Should Accept Their Term Sheet at 50% of the Price: "There is the kingmaker firms that you should accept at any price. So if you get an offer from them at X, and the offer from someone else is at 2X, you should take their offer x.com/HarryStebbings…
VCs Focus Way Too Much on Credentials When Assessing Founders: "If you back someone who's above average IQ, very smart, and never give up, of course they'll succeed. This is a mistake a lot of VCs are making. They are focusing too much on these credentials. There's a race right x.com/HarryStebbings…
"The biggest benefit of being a Thiel fellow to me is having between 10-20 other young people who are dealing with the same challenges as you. I went to the first Thiel Fellowship retreat. My roommate was a fellow Brit who went on to found a company called Fluidstack, which, is x.com/HarryStebbings…
Does University Carry Less Value Than Ever? Should Founders Just Dropout and Build? "I'd say to any founder who has an idea of what they want to do, they should just go for it. The world won't wait for them. On the other hand, you see a lot of people drop out just for the sake x.com/HarryStebbings…
What all founders need to know before signing a term sheet with a VC: "VCs will say anything to get you to sign right there. They will reverse engineer what the founder is looking for and say, oh, I'm buddies with that customer. I can introduce you to so many customers. These x.com/HarryStebbings…
Doing a talk at a BN Fund AGM in 20 mins. On this exact square in London 12 years ago, I was an intern at a wealth management firm. I was useless. I hated it. 1 year later I started 20VC, following my greatest passion; startups and venture. 1 year after that, I made $1M
My Biggest Lesson on Reserves Four Funds In: "My first three funds. I did do reserves and I did some great reserve investments. I put 15% of my third fund into @owner @adamguild their series A. So that was a good investment, but I realised the opportunity cost of that x.com/HarryStebbings…
