The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch

Monday has been hit harder than almost any other public SaaS company. With $1.3BN in ARR, the company is valued at just $3.8BN; a more than 60% fall since IPO. Today, Eran Zinman, Monday's CEO joins Harry Stebbings in the hotseat to walkthrough six of the biggest threats to Monday's business; what is real, what is not and what are the unknowns. 
AGENDA:
05:47 Six Threats Monday Faces Today 
07:04 Threat #1: Vibe Coding: Will Companies Vibe Code Everything
11:24 Threat #2: Will OpenAI and Anthropic Own the Application Layer 
13:52 Threat #3: Will Agents Turn Monday and Salesforce into a Database
18:43 Why is Monday Adding 15% Headcount When Everyone is Cutting?
21:40 How Monday is Using AI to be More Efficient
27:49 What Happens to Seat Pricing? What Comes Next?
34:17 What No One Sees About Enterprise AI Adoption
37:13 How Google AI Overview Smashed 10% of our Customer Acquisition
38:49 If Bullish on Monday, Why Has Eran Not Bought More Stock…
40:38 How to Manage Internal Morale When Stock is Down 60%
44:08 Do Private Companies Have Advantages Public Companies Do Not Have
47:28 With $1.5BN in Cash, Why is Eran Not Buying More Companies…
53:30 What is the Most Offensive Bet Eran Would Like to Take?
57:13 Quickfire: Marriage, Biggest Short, Mentors

Jerry Murdock is the Co-Founder of Insight Partners, one of the most formidable growth investors of the last three decades, with over $90 billion in AUM and a portfolio that has shaped the modern software economy. Jerry never does podcasts, and so this is his first-ever long-form interview. 
AGENDA:
03:50 There is an AI Tsunami Beginning
05:43 Cursor is F***** and Everyone Knows It
07:28 How Open Source Will Crush in an Agent First World
10:20 Is NVIDIA F****
17:32 Are Systems of Record Dead in an Agent-First World
21:04 Humans Will Not Buy Software, Agents Will…
24:57 Universal Basic Income Will Have to Happen, Mass Unemployment is Coming
30:54 What Happens to Tech Private Equity: Is Thoma Bravo F******
37:50 What Single Decision Does Jerry Regret Most… Why?
41:45 Single Biggest Mistake With Insight… What Did Jerry Learn?
45:26 Why is Now the Best Time to Start a Fund
47:03 The Twitter Bet that Made $90BN Insight
49:34 Biggest Marriage and Parenting Advice
56:04 Will Agents Help Us Live Forever

AGENDA:
03:55 Anthropic Security Product Wipes Billions Off Public Markets
11:17 Do Agents Turn SaaS Incumbents into Valueless Databases
22:07 Anthropic Secondary Sale Makes Hundreds Decamillionaires
23:20 Citrini Research Piece: Everything You Need To Know
26:04 Will DoorDash Be Replaced by Agents
34:22 Will "Ghost GDP" Soften Consumer Spending Power
42:46 Why No Public Company Has Created a Good Agent Product
47:19 Is Tech Private Equity and Thoma Bravo F***** in this Market
51:05 OpenAI Massively Increases Spending Plans: Analysis
56:24 Figma Fights Back: Earnings Through the Roof
01:02:12 Momentum Versus Value: Four Public Stocks to Buy
01:09:30 Jack Altman Joins Benchmark Capital

Lucas Swisher co-leads the growth fund at Coatue where he has partnered with iconic companies like OpenAI, Harvey, Deel, Canva, Openevidence, Anthropic, and others. Prior to Coatue, he was on the investment team at Kleiner Perkins, where he focused on growth stage software businesses. 
AGENDA:
04:23 Why Public SaaS Is Getting Crushed in the AI Wave
06:01 How to Find Value in the Deluge of Public SaaS
10:34 Durability of Revenue in AI
17:42 Market Size vs. Founder Quality: What Wins?
19:04 Why Price is the Last Thing to Matter
24:58 Mega-Funds Math: Can $5B+ Funds Still Generate Venture Returns?
28:04 What Returns Are 'Enough'? Why 3x Isn't Exciting at Growth
30:34 When Double-Downs Go Wrong: Overestimating TAM and Multi-Product Expansion
33:03 Margin Matters… But at Scale: AI Gross Margins, Cost Curves & Efficiency
36:42 Why it has never been harder to be a seed investor
39:25 Is 'Kingmaking' a Myth: When Capital Helps (and When It Hurts)
44:12 Is Canva Really a Platform Company? Multi S-Curves and Leaning into AI Early
46:05 Lessons from Mary Meeker: Modeling, Storytelling with Data, and Not Missing the Forest
48:27 Lessons from Mamoon Hamid: Spotting Inflection Points with Minimal Data (Figma Story)
49:54 LP 'Pick One' Games: Mamoon Hamid, Mary Meeker, Insight Partners
51:41 OpenAI vs Anthropic: Who Wins?
56:52 Most Memorable Founder Meeting: Harvey and Founder-Market Fit
59:00 Career Decisions & Misses: Leaving Insight, Missing Anduril, and Looking Ahead

Alexander Embiricos is the Head of Codex at OpenAI, leading the development of the company's flagship AI coding systems that power automated software generation, debugging and developer workflows. Under his leadership, Codex has become one of the most widely adopted AI developer platforms. 
AGENDA:
05:13 Will Coding Be Automated? Why AI Could Create More Engineers, Not Fewer
07:17 Do We Need PMs? The "Undefined" Product Role and When It Matters
08:06 The Real AGI Bottleneck: Human Prompting, Validation, and "Too Much Effort"
13:04 Three Phases of Agents: Coding → Computer Use → Productized Workflows
13:52 Enterprise Reality Check: Security, Permissions, and Safe Agentic Browsing
17:57 Is Inference the New Sales and Marketing? 
18:49 What % of Codex Was Written by AI?
21:33 Do OpenAI Use AI for Code Review?
23:31 Is there any stickiness to AI coding tools?
28:22 What Does "Winning" Mean at OpenAI? Mission, Competition, and Moats
32:04 The Future UI: Chat or Voice
34:10 Agent-to-Agent Workflows: Designing for Approvals, Compliance, and Automation
35:39 Do Coding Models Have a Data Moat?
36:50 How does Codex View Data: Will They Build Their Own Mercor and Turing?
37:27 How Does Codex View Consumer: Will They Compete with Lovable?
41:56 Benchmarks vs "Vibes": How People Actually Judge Models
42:43 Cursor's Edge and the Case for Building Your Own Models
47:37 Is SaaS Dead? What Still Defends Value (Humans + Systems of Record)
51:28 Talent Wars and Career Advice for New Engineers in the AI Era
01:01:03 Guardrails, the Fully AI-Managed Stack, and a 10-Year Vision for Everyone