Small stakes in massive outliers beat high ownership in mid-sized exits
Matt Murphy · Will Open-Source Threaten Anthropic's Business & Do Margins Matter in a World of AI | Matt Murphy · Jul 27, 2026 · at 8:09
Matt Murphy, Partner at Menlo Ventures, argues that traditional VC ownership targets are outdated when investing in high-upside AI foundation model startups.
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Save the cut (mp4) →“You have to be in the big outliers to drive great returns, and you're better off being in them at a very small percent than owning a large percent of a company that exits for three to 500. Those just aren't going to move the needle.”
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