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

David Tisch is the Founder of Box Group, one of the best seed funds of the last decade with early investments in Cursor, Baseten and Clay to name a few. Today the fund invests from two funds, a $275M seed fund and a $275M opportunity fund.
AGENDA: 
10:40 Why we have less dilution now than ever before
12:50 Why I don't want to compete with the best VCs, and why it's a trap
16:15 What concentrated funds know but do not admit to
17:25 Why multiple tranched rounds can be good for founders
18:45 Why the Lean Startup was a total fake
28:55 Why LPs are frustrated by a market that we can't change
31:50 What is the single best-returning investment in the history of BoxGroup?
33:15 Why fund returners are not always obvious in the early years
40:05 Why funding consumer brands at seed no longer makes sense for venture
42:00 Rogo, the now $2B company, got passed on by 39 out of 40 investors
45:40 Why the marketing message that pro rata is not a right is BS
1:01:50 Why we do not allow negativity in the investment decision-making process
1:03:00 The true magic of early-stage venture capital
1:04:35 Why YC has the best business model in all of venture

AGENDA: 
04:00 Anthropic Files S-1 Ahead of $2TRN IPO
14:50 Microsoft Offers Buyouts to 60,000 Employees
20:45 Zuckerberg Taps Equity Markets for $95 Billion AI Spending Spree
23:00 DeepSeek Raises $15 Billion as Chinese AI Faces US Backlash
34:45 OpenAI and Wiz Uncover Decade-Old Security Flaws
37:05 Instinct's Rumoured $30 Billion Valuation Divides the Panel
45:30 Invest Committee: Put 20% of the Fund Into OpenAI at $1.25 Trillion
49:40 Palmer Luckey's War Dog Startup Hits $1.5 Billion Valuation
55:00 Zuckerberg Threatens California Exit Over Billionaire Tax

Satya Nadella is the CEO of Microsoft and one of the greatest CEOs of our time. Satya has been at the company for an astonishing 34 years. When he joined, Microsoft had a market cap of $23.5BN. 22 years later, the company was worth $300BN. At this point, Satya took the reins as CEO. Under his leadership, he has taken it from $300BN to $3.9TRN. 
AGENDA: 
03:08 Should We Assume Every AI Model Is Compromised?
04:13 How Do We Stop AI Agents From Causing Harm?
06:15 Can We Trust an AI Model's Chain of Thought?
07:05 Is China's Lead in Open-Source AI a Safety Risk?
08:28 Will Open or Closed Models Win the Next Two Years?
10:08 Why Should Every Company Own Its Intelligence?
12:12 Will Every Company Become AI Native?
13:22 Are We Entering an AI Implementation Economy?
15:10 Do You Need to Own the Entire AI Stack to Win?
16:49 Can the World Support $100 Billion AI Training Runs?
18:34 Can AI Radically Accelerate Global Economic Growth?
19:39 Will AI Transform Sales, Finance and Marketing Like Coding?
Quickfire round 
What have you changed your mind on most in the last 12 months?

What looks crazy today but will be incredibly common in 5 years?

What's the exercise routine given the travel schedule?

Favorite cheat meal on a rest day?

What are you most excited for in the next 10 years?

AGENDA:
05:00 Will we run out of energy?
19:00 Will specialised chips threaten NVIDIA's dominance?
26:00 Can we trust AI agents more than humans?
31:00 Will data companies become commodities?
36:00 What comes after transformers?
41:00 Are software investors f****** in a world of infra and compute?
52:00 How big will the inference market be in 10 years?
53:00 Could robotics be 100x bigger than coding agents?
59:00 Why are coding agents the most overrated AI investment?

AGENDA: 
04:20 Billion-Dollar Bets or Nothing: Why VCs Are Rejecting Fast-Growing Startups
13:20 CoreWeave Sell-Off Sparks Fears of Cracks in AI Boom
18:50 Anthropic's IPO Valuation Could Fall From $2 TRN to $1.5 TRN
32:10 Modal Raises $750M at a $15.75B Valuation as Inference Booms
35:50 Town at $1B, Anduril at $90B: Have Startup Valuations Lost Touch?
42:15 Berkshire Hathaway Doubles Down on Bending Spoons
45:05 37signals' Profit Machine Challenges the Venture Capital Model
49:20 General Atlantic Eyes an IPO; Harvard's Endowment Hits $68B
54:15 Elon's Flying Roadster and $10B SpaceX Share Giveaway