20VC: Benchmark Loses Another Partner | Elad Gil Raises a Monster $1.5BN Solo GP Fund | Why Apple Need a Management Overhaul | Why Google is the Best Performing Hyperscaler | Will Cursor Hit $4BN ARR & Lovable $400M ARR by EOY 2026?
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
The Twenty Minute VC
4.4 • 637 Ratings
🗓️ 31 July 2025
⏱️ 81 minutes
🧾️ Download transcript
Summary
Agenda:
00:00 - Why Benchmark Is Bleeding Partners (and Why That’s the New Normal)
04:57 - “I Wouldn’t Leave Benchmark… Unless I Had THIS” — Jason on Brand vs Autonomy
09:01 - The Rise of the Solo GP & The Death of LP Conventional Wisdom
13:50 - The Unstoppable Force of Elad Gil & The Myth of LP Discipline
18:45 - Is Vibe Coding the New SaaS? Jason’s $10K/Month Spend Reveal
26:57 - Cursor’s Growth Is Insane—But Is It Sustainable?
31:44 - Will Microsoft, Google, or Amazon Win the AI Infra War?
37:42 - Is GitHub Copilot the Biggest Miss in Microsoft’s History?
44:15 - Are Big Tech Incumbents Now Too Powerful to Fail?
48:00 - Apple’s AI Problem: Is It Time for a Management Overhaul?
52:30 - Figma’s IPO: $30B Return, Zero Hype. What Happened?
1:06:00 - Final Bets: Cursor to $4B ARR, Lovable to $400M ARR, OpenAI to $800BN?
Transcript
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| 0:00.0 | Ironically, Google, whom we all piss on, has executed the best of the four. They have a model that works. Apple doesn't even have a product that works. Microsoft bought someone else's product, but it doesn't quite own it, so it's kind of weird. Facebook is desperately trying to buy product, but it's not like out of success, it's out of terrible psychological need for a product, even though they don't have a business to justify it. I don't think these guys are too powerful. If anything, I think there are a bunch of rich people on the back foot behind the new trend desperately trying to catch up. This is 20VC with me, Harry Stebbings, and it is my favourite show of the week, Jason Lemkin, Roryo Driscoll and me, sitting town to discuss the biggest news in tech. I want to hear your thoughts on this |
| 0:39.6 | format of show. It is very quickly become the most popular show that we do. Let me know Harry at 20vc.com. |
| 0:46.9 | This is the best one we've ever done. Very simply. Incredible debate. Small lessons for me |
| 0:51.1 | than ever before. Let me know what you think of the show. And it was just so much fun to do. |
| 0:56.0 | I'm so grateful to have these guys as my friends. |
| 0:58.0 | But before we dive into the show today, |
| 1:00.0 | let's talk about agents, specifically Piper, the AISDR agent, brought to you by Qualified. |
| 1:06.0 | The agentic marketing era has arrived. |
| 1:09.0 | And if you're a B2B marketing leader looking to scale a pipeline |
| 1:12.0 | generation, Piper the AISDR agent, wow, it is here to help. Piper is the number one AISDR agent |
| 1:19.2 | on the market, according to G2. And hundreds of companies like Box, Asana and Brex, have hired Piper |
| 1:25.7 | to autonomously grow inbound pipeline. |
| 1:28.1 | Fucking sign me up. |
| 1:29.4 | Anyway, qualified customers see massive business impact with Piper, |
| 1:33.1 | 3x increase in meetings booked, and 2x increase in pipeline. |
| 1:37.4 | Wow, that is some results. |
| 1:39.1 | Hire Piper, the number one AISDR agent and grow your pipeline today. |
| 1:43.6 | Learn more at qualified.com slash 20VC. |
| 1:47.3 | That's qualified.com slash 20 VC with the 20 VC spelled out in letters for goodness sake. |
| 1:53.4 | And while Piper builds your pipeline, Atio gives you the CRM power to close and grow those relationships. |
| 2:00.4 | Atio is the next generation of CRM built for the AI era. |
| 2:04.4 | Fast, flexible and powerful. |
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