Jason Lemkin, founder of SaaStr, discusses diligence failures and hidden fraud across venture capital portfolios following high-profile startup collapses like FTX.
“And every VC has a fraud in their portfolio. Every single VC has a fraud in their portfolio.”
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More from Jason Lemkin
PredictionOpen · timeframe May 2027
Lemkin: AI will replace half of knowledge workers in 24 months
“Half of these knowledge workers are going to be gone in 24 months”
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Opinion
Every crypto company offering an Earn program is a fraud
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“And even, I know Coinbase is the good one, but where are they getting this 10%? It's a pyramid scheme. It's fraud.”
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Opinion
Lemkin: Governments should guarantee 0% financing for AI data centers
“We have to guarantee zero percent financing for all data centers. We'll get all our money back.”
Jason LemkinFeb 5, 2026▶ 0:44The SaaS Massacre: Public Market Collapse |Microsoft Lost $360B & NVIDIA’s $100B Dispute with OpenAI
AssertionNot checkable as stated
Lemkin: Non-engineering software categories face existential seat shrinking
“Every category that I know of outside of engineering and product is at existential risk of shrinking seats.”
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Opinion
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“And then we've got 900 unicorns that are never going to IPO. Poor guys. We have nine, we all have one or two in our portfolio that are at nine figures in revenue that are still growing and will never IPO. And there is no PE buyer for them.”
Jason LemkinNov 20, 2025▶ 56:02Peter Thiel and Softbank Sell NVIDIA - Why? & Why VC Will Hit $1TRN and The Opening of Retail · 20VC with Harry Stebbings
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