The Ledger, every show

“I think the way to encapsulate would be this idea of selling the work, not the software, and that we'll move from a paradigm where you might think of it as moving from what we see right now as a copilot and moving to what I think about as a control center, whe…”

“Tens of millions of engineers would become AI engineers versus like hundreds of thousands of ML scientists. That would beget the need for an application sort of framework for AI and tooling for that computing environment.”

“We have no deal flow list, no sheet, there's no memos there's no data room presentations.”

“And I think if AI is to be the force that it can be, I think you will get a new architecture and new business model emerging from it versus what we only see right now, which is kind of a sustaining architecture, which is just that of a co-pilot.”

“The way to encapsulate would be this idea of selling the work, not the software. And that we'll move from a paradigm where you might think of it as moving from what we see right now as a copilot and moving to what I think about as a control center, where we'll…”

“And so I think the opportunity offered up to a startup being a co-pilot for something else, like probably won't be that amazing. And there might be pockets of it where it can really work, but the opportunity to disrupt is to be orthogonal to the incumbents.”

“I think as a function of LLMs, trust centralizes, and there's huge economies of scale to subscription businesses and advantages, and so it's a silly, silly fun idea, but if we're in media.”

“I think in the arc of time if it is a shift like the internet was in many ways the applications, Which might not look like an applications, right, in the way that we think of them, but might look more like, you know, this control center idea will have profound…”

“I think it's something like 50 to 60% of all the investments we make, we're the first partner. I might want to use the word real, right? But like first sort of institutional investor, so to speak.”

“I think it's something like 30 odd percent. We're like literally the first investment. We don't use the term incubation. I'm sure there's a bunch of things we've done. People would call incubations. We don't use that term, but like, I think probably about a th…”

“Force of will can do a lot, but you know, it's got to feel like the, you know, you've got to feel like the dominoes got tilted over, you know, you're looking here, But the domino chain is, is sort of happening conceptually in the market or for behavior, whatev…”

“We're an equal partnership, so it's a whole firm commitment. No person is incentivized to do more, help more one thing versus another. A founder really gets the whole partnership.”

“The N of that in a given year, even for that percentage is like three companies, right? And so it's not like we're doing 30, ah, that way and again, you know, so, so the N is small.”

“And so how that actually plays out is probably a third of the company from my surveying has paid seats inside of Figma, and they pay about three times as much as they would for something like Slack.”

“I think incumbents can have a lot of cake with a co-pilot idea right now, and that'll be the focus.”

“I think there'll be some entrepreneur or a few entrepreneurs, hopefully in the coming year or so, let's say, who channel maybe the Mark Benioff, 1999, like no more software, right?”

“If you go and look, call it 2012 to like 2022 ish timeframe, cloud spend went from like ten billion to three, four hundred billion.”

“Monzo now has seven million accounts. It's like a 10th of the British population has signed up to this thing.”

“For Toby at Shopify to make an acquisition and then divest it With, I don't, I think within a year, maybe it was a year and a half, like not very long for an organization to say, to make a big move and say, nope, we made the wrong decision that fast and not ge…”

“So like five banks control over 50% of accounts in the UK, in the US.”