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Is DPI The Only Thing That Matters? with Sam Lessin, Jason Lemkin & Rory O’Driscoll

Rory O’Driscoll is a General Partner @ Scale where he has led investments in category leaders such as Bill.com (BILL), Box (BOX), DocuSign (DOCU), and WalkMe (WKME), among others. Jason Lemkin is one of the leading SaaS investors of the last decade with a portfolio including the likes of Algolia, Talkdesk, Owner, RevenueCat, Saleloft and more. Sam Lessin is a Partner at Slow Ventures, where he has backed breakout companies like Robinhood, Airtable, Ro and Solugen. Previously, he was VP of Product at Facebook, where he led core product and identity. He also founded Drop.io, which was acquired by Facebook. ---------------------------------------------- In Today’s Episode We Discuss: 00:00 Intro 00:54 TVPI Is Bullshit? 08:06 Mid-Tier VC Funds Are Getting Annihilated 14:55 The Impact of Mega Funds on Startups 24:37 The War on Relevance: What Companies Truly Matter? 38:25 Mary Meeker’s AI Report: What Everyone Missed 40:31 $600B in AI CapEx - Where Is the Revenue?! 53:34 The Existential Dread Missing in Most B2B Startups 01:04:24 IPO Market Is Back: What Actually Matters Now? 01:09:32 YC Startups at $60M Valuations: How Should You Play It? 01:13:34 Why 3% Ownership Could Still Work—Maybe 01:17:39 Kalshi Quick-Fire Round ----------------------------------------------- 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 Jason Lemkin on X: https://twitter.com/jasonlk Follow Rory O’Driscoll on X: https://twitter.com/rodriscoll Follow Sam Lessin on X: https://twitter.com/lessin 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 #roryodriscoll #jasonlemkin #samlessin #openai #tesla #ipo #ycombinator #meta #startups #jonyive

Sam LessinguestRory O’DriscollguestHarry StebbingshostJason Lemkinguest
Jun 5, 20251h 27mWatch on YouTube ↗

Episode Details

EPISODE INFO

Released
June 5, 2025
Duration
1h 27m
Channel
The Twenty Minute VC
Watch on YouTube
▶ Open ↗

EPISODE DESCRIPTION

Rory O’Driscoll is a General Partner @ Scale where he has led investments in category leaders such as Bill.com (BILL), Box (BOX), DocuSign (DOCU), and WalkMe (WKME), among others. Jason Lemkin is one of the leading SaaS investors of the last decade with a portfolio including the likes of Algolia, Talkdesk, Owner, RevenueCat, Saleloft and more. Sam Lessin is a Partner at Slow Ventures, where he has backed breakout companies like Robinhood, Airtable, Ro and Solugen. Previously, he was VP of Product at Facebook, where he led core product and identity. He also founded Drop.io, which was acquired by Facebook. ---------------------------------------------- In Today’s Episode We Discuss: 00:00 Intro 00:54 TVPI Is Bullshit? 08:06 Mid-Tier VC Funds Are Getting Annihilated 14:55 The Impact of Mega Funds on Startups 24:37 The War on Relevance: What Companies Truly Matter? 38:25 Mary Meeker’s AI Report: What Everyone Missed 40:31 $600B in AI CapEx - Where Is the Revenue?! 53:34 The Existential Dread Missing in Most B2B Startups 01:04:24 IPO Market Is Back: What Actually Matters Now? 01:09:32 YC Startups at $60M Valuations: How Should You Play It? 01:13:34 Why 3% Ownership Could Still Work—Maybe 01:17:39 Kalshi Quick-Fire Round ----------------------------------------------- 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 Jason Lemkin on X: https://twitter.com/jasonlk Follow Rory O’Driscoll on X: https://twitter.com/rodriscoll Follow Sam Lessin on X: https://twitter.com/lessin 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 #roryodriscoll #jasonlemkin #samlessin #openai #tesla #ipo #ycombinator #meta #startups #jonyive

SPEAKERS

  • Sam Lessin

    guest

    Venture capitalist and early-stage tech investor.

  • Rory O’Driscoll

    guest

    Venture capitalist and growth-stage investor focused on fund performance and portfolio construction.

  • Harry Stebbings

    host

    Founder and host of The Twenty Minute VC (20VC).

  • Jason Lemkin

    guest

    SaaS investor and founder of SaaStr, focused on B2B software and go-to-market.

EPISODE SUMMARY

In this episode of The Twenty Minute VC, featuring Sam Lessin and Rory O’Driscoll, Is DPI The Only Thing That Matters? with Sam Lessin, Jason Lemkin & Rory O’Driscoll explores venture returns, AI capex, and relevance in a shifting market landscape The panel argues that net DPI (cash returned) is the ultimate measure of venture success, while TVPI can be a noisy, often-marketed proxy whose usefulness depends on time horizon and mark quality.

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