Everything Harry Stebbings said on any show that made the record, most notable first. Each card names its show and opens the statement there.
Traditional 'triple-triple-double-double' startup growth is no longer attractive for VC
“I turned down a company the other day, Because they were going from, like, one and a half to five to 15, and there's an opportunity cost of capital to say that's very real, and the growth expectations are just very different. In other words, triple, triple, do…”
Stebbings: 20VC hires mostly immigrants because British people lack strong work ethic
“Pretty much only hire immigrants. British people don't work very hard.”
Stebbings: TBPN is the Clubhouse of our era with near-zero engagement retention
“I think it's Clubhouse of our era. And so they have brilliant channel market fit, which is they crush it on Twitter for very specific clips. When you look at any of their view rates, very little. When you look at their retention on engagement rates, fuck all.”
Stebbings: I would put my entire $400M fund into OpenAI
“If I could do anything without fear of retribution from my LPs, I'd put my four hundred million fund into OpenAI.”
Stebbings: European founder quality is much worse than in the US
“I think the quality of European founders is much worse than the US”
Stebbings: The younger generation of workers is lazy and expects high compensation
“I think this generation is fucking lazy. They do not work, sorry, I'm on a rant now. They do not want to work hard, they do not want to come into the office, they get paid top dollar, and actually, they want great package, they want all of this, and they don't…”
Stebbings: Remote Work Is One of the Most Poisonous Things
“I don't buy remote by the way. I think remote is one of the most poisonous things.”
Stebbings: Series B investors are offering founders $1M payouts to return capital
“You know, it is, but I'm seeing now I've seen four this month where the series B's are saying, Hey, preemptively we fucked up, but give us our cash back and we'll give you a million each.”
Harry Stebbings: Most retail investors on Robinhood are incompetent
“I think most of the people who invest in there are incompetent and shouldn't be given dollars. This will definitely be taken out, no doubt. I think this is like, you know, you're empowering people who should not be investing. They do not understand public mark…”
Stebbings: Society No Longer Fundamentally Operates as a Democracy
“I don't think we fundamentally live in a democracy anymore, because I know I don't, and I know that pretty much everyone around me is too afraid to say how they truly feel.”
Stebbings: OpenAI fumbled voice AI due to poor management and hiring
“Well, I think with all candor, that's because of incredibly poor management. And hiring, and that was theirs to take, and they fumbled the bag across every spectrum.”
Stebbings predicts Meta's stock price would rise if Mark Zuckerberg departed
“If Zuck expired, Meta's stock price would increase.”
Cognition Reportedly Raising at $46B Valuation With $1.6B Projected ARR
“Cognition raising round at forty six billion dollars reportedly. They will end the year at 1.6 billion in ARR. Currently doing 800 to 900.”
Stebbings: Mercor Crosses $2B ARR and Raises at $20B Valuation
“I'm an investor in McCaw. I never thought this would be as big as it has got as quickly as hit, as it has done. It's crossing out two, two and a half billion ARR. They're doing a new round led by General Catalyst at twenty billion.”
Stebbings: Surge AI at $3.5B ARR, Mercor $2.5B, Handshake $1B, Micro1 $500M
“Surge are doing three, three and a half. McCaw are doing two and a half. Handshaker doing one. Micro One are doing half.”
Stebbings: Chinese Open-Source AI Providers Are Inherently Advantaged Over US
“I think the comparative landscapes they sit in mean that the Chinese open source providers are just inherently advantaged, sadly.”
Stebbings: Scaling From $1.5M to $15M ARR Is No Longer VC-Fundable
“I turned down a company the other day that went from one and a half, and they were gonna go to five, and then they were gonna go from five to 15, and it's just not enough anymore. It's just not interesting. I'm sorry for venture. We have an opportunity cost of…”
Stebbings: The $1 Billion Valuation Has Become the New Series A Standard
“I think a billion dollar valuation is the new series, eh? And you're like, whoa, Harry, whoa, whoa, kiddo, calm down, listen to the facts. We used to do a fifty million post and hope it would become a 1,000,000,020 x, without dilution, blunt. Now, you enter at…”
Stebbings: Sam Altman and Dario Amodei will successfully lobby for AI restrictions
“I just think Sam Altman is someone who I would never, ever bet against, and I think he's the best politician in the world, and I think when he says something, he says it with intent, and when he says we should give five percent away to the administration, he's…”
Series A is the worst stage due to 200x ARR valuations
“I think Series A is the worst place to be today, and my partners always hate me for this, because all Series A founders are like, great, we won't go and see them but it's the worst place to be. You have, like, one to three million in revenue, and you're at 200…”
Sub-$100M boutique seed funds will be the worst-performing VC category
“I think one of the worst performing groups in terms of venture in this vintage will actually be the small boutique seed funds, which is what every single LP that you speak to today, Matt, wants. Every LP. This is the funniest thing. Every LP wants San Francisc…”
Stebbings: Wealthy founders and investors make superior, rational decisions
“I think better, I think founders are better and investors are better when they are already rich. If I'm being blunt, I think you make more rational, sound decisions that are not made with economic impatience.”
Stebbings: $50M to $100M seed funds get crushed in current market
“The worst place to be is a 50 to a hundred million dollar seed fund. You will get crushed by the large funds who are able to write large checks and lead rounds, but you're also not small enough to be collaborative. Very difficult middle ground to be in.”
Stebbings: VC firms need a $400M fund to lead Series A today
“You can't do Series A unless you have a four hundred million dollar fund today. Absolutely no chance.”