20VC: The OpenAI Memo: Why Invest? Is it too Late to Catch OpenAI? Are OpenAI's Models Truly Defensible? Does the Value in AI Accrue to Incumbemts or Startups - Application Layer/Infrastructure? What Happens with Regulation? with Vince Hankes @ Thrive

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

The Twenty Minute VC

Finance, Venturecapital, Tech News, News, Siliconvalley, Technology, Investing, Startups, Business

4.4 • 637 Ratings

🗓️ 3 May 2023

⏱️ 50 minutes

🔗️ Recording | iTunes | RSS

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Summary

Vince Hankes is a Partner @ Thrive Capital where he has led the firm’s investments in OpenAI, Melio, and Airplane.dev. He currently sits on the board of Airtable, Benchling, Lattice, and Melio. Prior to joining Thrive, Vince was an investor at Tiger Global where he learned the craft of venture from the legend that is Lee Fixel.

In Today's Episode with Vince Hankes We Discuss:

1. From Tiger Global to Partner @ Thrive Capital:

How Vince made his way into the world of investing with Tiger Global?
What are 1-2 of his biggest takeaways from working alongside the legendary Lee Fixel?
Why did Vince make the move from Tiger to Thrive? How do the two firms differ?

2. The OpenAI Investment: The Memo:

How did the OpenAI deal come to be? What were the round dynamics?
Market Evaluation: How did Vince and the team analyze the market top down?
Competition: Who did Vince identify as the core competitors to OpenAI?
Defensibility: How did Vince think through the long-term defensibility of OpenAI's model? Does Vince believe these models will become commoditised?
Price: How did Vince and the team get comfortable with the $29BN price?

3. AI: Hype or Generational Defining Transformation:

Trend or Transformation: Why does Vince believe AI will be the defining technology of our generation?
Startup vs Incumbent: Does Vince think the value will accrue to the incumbent or the startup?
Open or Closed: Does Vince think we will operate in a closed (one model rules them all) environment or an open-source environment with many models?
AI Talent: Where does Vince think the majority of the best AI talent will concentrate?
Speed: Why would Vince be scared if he were a startup today looking at the incumbents?

4. The Changing Investor: Lessons from Good and Bad:

How has Vince changed most significantly as an investor over time?
What has been his single biggest investing mistake? How did he learn from it?
What has been his biggest investing success? How did that change his mindset?
What has Thrive done in their org structure to allow them to make bets very few other firms can do?

Transcript

Click on a timestamp to play from that location

0:00.0	I remember getting off the call and Josh was also there and we looked at each other like,
0:03.9	wow, like the way companies are going to get change is going to be incredible. Software is going
0:08.6	to look so much different. That kind of transformation is just so rare in our job. Company
0:13.3	for company. I think Open AI is quickly figuring out the cost curve. They have done a lot
0:17.4	in the open source community on regulation, security and safety. I think they're
0:21.7	being pretty proactive. This is 20VC, The Memo, with me, Harry Stebbings, and stay with focusing
0:26.5	on the most discussed company on earth right now, OpenAI. We're joined by the investing partner
0:31.3	who led the financing for Thrive Capital in OpenAI's latest round, Vince Hanks. Vince is a partner
0:37.3	at Thrive, where he's led the firm's investments in OpenAI,
0:40.3	Melio and Airplane. Dev, and he also sits on the board of Airtable, Benchling, Lattice and Melio.
0:46.3	And prior to joining Thrive, Vince was an investor at Tiger Global, where he learned the craft adventure from the legend that is Lefixler edition now.
0:53.3	But before we dive into the show's day, we need to talk about SANA.
0:57.0	SANA is an AI-powered learning and knowledge-sharing platform.
1:00.0	Think of it like chat, E-PT, for all of your company's knowledge.
1:03.0	SANA integrates with all your company's apps in under five minutes
1:07.0	and can search through every single file, doc, pull request, video and more in under 100 milliseconds.
1:12.6	Assistant is generative AI at its most useful.
1:15.6	Say you need to create a course on OKR Fundamentals for your employee onboarding program,
1:21.6	and you're just really short on time.
1:22.6	Assistant can generate the outline and contents from scratch, complete with relevant imagery.
1:28.7	You can tweak it, check it and then ask Assistant to publish it in five other languages
1:33.3	and assign it to all new hires in five markets, and they've raised over $50 million to date
	...

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