The Ledger

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Insight

Schmidt: Co-authorship functions like startup equity for crowdsourced research

“If you make it a paper and you give everyone a share in the project, this is a little bit like in the startup ecosystem, right? Everyone gets a little bit of equity. Everyone gets a little bit of co-authorship.”

Ludwig Schmidt Nov 8, 2025 ▶ 28:47 Terminal-Bench 2.0: the most impt coding agent benchmark of 2025 gets a v2! Launch + Q&A w/ founders

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The Ledger

Turn any episode into a week of clips.