The Twenty Minute VCCan You Still Win in Venture Without a $1BN Fund? Menlo’s Venky Ganesan on the New Rules of VC
Episode Details
EPISODE INFO
- Released
- October 5, 2026
- Duration
- 1h 11m
- Channel
- The Twenty Minute VC
- Watch on YouTube
- ▶ Open ↗
EPISODE DESCRIPTION
Venky Ganesan is a Partner at Menlo Ventures, whose portfolio includes Anthropic, Lovable, Legora and Higgsfield, alongside earlier hits Uber and Roku. Venky's own investment track record includes Palo Alto Networks, Upwork, Poshmark and Rover. He is a three-time Forbes Midas List investor and former Chair of the National Venture Capital Association. ----------------------------------------------- Timestamps: 00:00 Intro 1:15 - Venky’s 90% Loss That Changed His Investing 4:21 - Venky On Whether Venture Capital Is Broken 5:28 - Should You Keep Playing When The Market Is Crazy? 6:59 - The New Rules Of Venture Investing 7:55 - Is Seed Investing Still Possible? 9:19 - Can AI Revenue Metrics Be Trusted? 11:20 - Does “King Making” Really Work? 12:47 - What Could Finally Crack The Market? 14:11 - Innovators, Imitators And Idiots 19:17 - Venky On When It’s Worth Paying Up 20:24 - Venky’s Most Expensive Missed Investment 23:13 - What Makes A Great Founding Team? 25:09 - Venky On Whether Ownership Still Matters 28:25 - When Should You Size Up An Investment? 29:57 - The Problem With Only Betting On Home Runs 33:21 - Is “Downside Protection” A Dangerous Mindset? 35:41 - Are Investors Facing A New Era Of Dilution? 38:39 - Why IRR Matters More Than Ever 41:58 - Are Faster Investment Cycles A Warning Sign? 48:24 - Venky On When To Take Chips Off The Table 51:41 - Are We About To See A Wave Of M&A? 54:11 - The Most Important Skill For Founders At Scale 55:24 - Does Money Change People? 56:34 - Why Are Bay Area Housing Costs So High? 59:40 - Does Being Rich Make You A Better Investor? 1:02:43 - Is Private Equity Facing An AI Reckoning? 1:06:44 - Venky’s Advice To Venture LPs ---------------------------------------------------------------------------------------------- Subscribe on Spotify: https://open.spotify.com/show/3j2KMcZTtgTNBKwtZBMHvl?si=85bc9196860e4466 Subscribe on Apple Podcasts: https://podcasts.apple.com/us/podcast/the-twenty-minute-vc-20vc-venture-capital-startup/id958230465 Follow Harry Stebbings on X: https://twitter.com/HarryStebbings Follow Venky Ganesan X: https://twitter.com/venkyganesan Follow 20VC on Instagram: https://www.instagram.com/20vchq Follow 20VC on TikTok: https://www.tiktok.com/@20vc_tok Visit our Website: https://www.20vc.com Subscribe to our Newsletter: https://www.thetwentyminutevc.com/contact ----------------------------------------------- #20vc #harrystebbings #ai #venkyganesan #menlo #anthropic
SPEAKERS
Venky Ganesan
guestPartner at Menlo Ventures, focused on venture investing and fund/portfolio strategy.
Harry Stebbings
hostFounder and host of 20VC, interviewing leading venture capitalists and tech leaders.
EPISODE SUMMARY
In this episode of The Twenty Minute VC, featuring Venky Ganesan and Harry Stebbings, Can You Still Win in Venture Without a $1BN Fund? Menlo’s Venky Ganesan on the New Rules of VC explores venky Ganesan: Winning VC in AI means options, concentration, and IRR Venky Ganesan describes today’s AI venture market as disorienting—mega-rounds and fast markups are common, but investors shouldn’t build long-term strategy from a single “snapshot in time.”
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