Miles Clements
Partner, Accel. On 2 shows, 2 appearances. The Shows tab opens the full record on each.
investor@Mkclements ↗accel.com/people/miles-clements ↗
Miles Clements joined Accel in 2009 as its first associate and helps lead the firm's growth fund, focusing on enterprise software and developer tools. He has backed companies including Cursor, Linear, Laravel, and Atlassian, and oversees Accel's Ignite program.
2shows
2appearances
49statements
8resolved
5supported
1contradicted
63%fully supported
3said about them ↓ Everything Miles Clements said on any show that made the record, most notable first. Each card names its show and opens the statement there.
Clements: VCs that never lose deal fights aren't competing hard enough
“I think if you're not putting yourself out there in losing, sometimes you're not chasing competitive enough things.”
Clements: 7x more CFOs are telling developers to increase AI token spending
“We did this survey of developers, and we asked them how many of them had a CFO who was telling them to spend less on Consumption versus more, and we actually found that seven times more companies are being told to, like, let it rip and spin more.”
Clements: 95% of developers switch AI models daily
“And one of the things that we're learning is like 50% of developers switch model families on a daily basis and 95% of developers switch models on a daily basis.”
Clements: Cursor will build specialized coding models for enterprise users
“Cursor is going to build specialized coding models that are going to serve specialized coding tasks, especially for a lot of enterprise users.”
Clements: Accel's initial Cursor investment was priced at 4-5x year-end ARR
“Actually, this company is growing so quickly that on a multiples basis, you know, our first investment was at like four times, five times year-end ARR.”
Clements: VCs get hammered sitting in the middle of consensus
“I think you can actually be successful in this market investing in consensus. And I think you can actually do really well investing in like non-consensus. I think you get hammered sitting in the middle.”
Clements: Accel lost ServiceTitan over rigid valuation caps before $9B valuation
“We had fallen in love with our envy. We were chasing this round. It was going to happen in the two 50 or three hundred million dollar range. And, you know, we had these rigid rules about like, you definitely can't pay more than six times, six to eight times fo…”
Clements: Nobody builds ARR compounding levers better than Parker Conrad
“And I think nobody in the world does that better than Parker Conrad.”
Clements: Breaking VC rules for Rippling would have been worthwhile
“And I think like, I don't regret not breaking the rules in general, but you know, this would have been a time when it could have been worthwhile.”
Clements: Traditional VC startup benchmarks are now largely obsolete
“I think this is why, you know, the benchmarks that used to give us all comfort are largely obsolete now. And so, like, you have to be really clued into the usage intensity of your product and really understand how people are using it.”
Clements: VC funds must ladder ownership over time to reach 20%
“Today, you have to back into 20% the other way. Like, you do what the market will allow in the earliest possible investment. You sponsor a tender, you do a growth round, you do an IPO round, and you can ladder your way up to 20% ownership. You have to be a mul…”
Clements: Targetting $100B exits at Series A leads to failure
“If you're just constantly stepping to the plate and trying to, you know, I can see at the series A that this is going to be a hundred billion dollar exit, you will just overswing and you will fail.”
Clements: Anthropic and select private AI companies could reach $1T valuations
“I think that company and a small handful of companies in the private market today are operating on a different plane. You know, I think it is not bombastic to say that some of those businesses could be trillion dollar companies.”
Clements: Private equity firms will acquire overvalued 2021 tech startups
“I think it's probably a good time to be in the LBO business. I think it's probably a good time to be in the Toma Bravo Vista Blackstone KKR business. There will be homes for a lot of those companies, you know, who get themselves to a sustainable place and they…”
Clements: Generational AI opportunities and outcomes are just beginning
“Those companies will be bigger than the outcomes that I probably envisioned a year ago, and there is still time to be a part of some of them, and because, like, the innovation flywheel is just getting started. We are barely scratching the surface.”
Clements: Public market repricing of SaaS software stocks is an overrotation
“Fundamentally, people are valuing the future cash flows and the future terminal value of these companies differently, and I don't think that's wrong, but I do think this has been an overrotation.”
Clements: Highly vocal board members are inversely correlated with actual helpfulness
“I think there's generally an inverse correlation between how vocal somebody is and how helpful they actually are. So the person who just has to get the first and last word in and shows up at the board meeting and has to teach you something that you didn't alre…”
Clements: VCs can achieve success in the current market backing consensus deals
“You can actually be successful in this market investing in consensus.”
Clements: 90% of Cursor users are daily active agent users
“90% of cursor users are daily active users of the agent product.”
Clements: Cursor's AI agent product usage grew 15x last year
“The agent product grew 15 X last year.”
Clements: Cursor cloud agent accounts for 35% of merged PRs
“You know, the cloud agent product, which was new as of like October 30th, so it's only been in market for three months, is now responsible for 35% of merged PRs in cursor.”
Clements: AI verticals will sustain multiple major winners, not monopolies
“But I also think the way that a number of these verticals are going to play out in a number of the AI categories, there's going to be a couple of really big companies and several of them.”
Clements: Extrapolating temporary ARR spikes as product-market fit is a trap
“There have been investments where, you know, a company went from, they had a million dollars of ARR, and then in the period that you know, before they fundraise, they had like a four million dollar quarter, and it's like, they've got it. Like the product marke…”
The other half of the tape: Miles Clements's own voice is left out of every number here. Other people bring the name up 3 times in 2 episodes across the shows. every mention, with the transcript →
Who brings them up most Harry Stebbings 3
Every mention by year
tap a year for its mentions
20VC 3
2026 2 mentions in 1 episode
One line per show, most statements first. The link opens Miles's full record on that show: the calibration, argument clarity, speaking style and every statement made there.
| Show | Role there | Eps | Statements | Record | |
|---|---|---|---|---|---|
| 20VCLEDGER | Partner, Accel | 1 | 42 | 63% 5/8 | full record on 20VC → |
 SOURCERYLEDGER | Partner, Accel | 1 | 7 | — | full record on Sourcery → |