Why venture persists: funding long-shot dreams

a16z cofounders Marc Andreessen and Ben Horowitz join a16z general partner Erik Torenberg and Not Boring founder Packy McCormick for a conversation on how the media and information ecosystem has changed over the past decade. The discussion breaks down the shift toward a more open and decentralized speech environment, the rise of writer- and creator-led platforms like Substack, and the erosion of centralized media gatekeepers. Marc and Ben also tie these dynamics to their investing worldview, outlining how supply-driven markets, major technological step changes, and reputation-driven venture platforms shape outcomes in the AI era.

Timecodes:

00:00  Introduction
00:46  How the media ecosystem is changing
4:20  Why a16z invested in Substack
6:28  Supply-driven markets and new content creation
8:07  Why writers felt trapped by media companies
10:09  Databricks and the 10x cloud multiplier
13:58  Long-form podcasting proves demand
15:40  What the new fund signals about the future
16:24  AI as a universal problem solver
18:49  Why market sizing is broken
20:45  Go-to-market, policy, and platform power
22:37  Turning inventors into confident CEOs
25:58  Borrowing power to scale faster
27:29  Building dreamers, not killing dreams
30:46  Reputation as a core competitive advantage
35:57  Taking arrows in public
38:56  Avoiding big company failure modes
40:39  Autonomous teams inside a16z
41:54  Venture capital as the last job
46:01  Why intangibles matter more than ever
48:17  Original thinkers with charisma
50:06  Why Zoomers are different

Resources: 

Follow Marc Andreessen on X: https://twitter.com/pmarca

Follow Ben Horowitz on X: https://twitter.com/bhorowitz

Follow Erik Torenberg on X: https://twitter.com/eriktorenberg

Follow Packy McCormick on X: https://twitter.com/packyM

Read Packy’s piece: https://www.notboring.co/p/a16z-the-power-brokers

Read David Haber’s piece ‘Firm > Fund’: https://www.a16z.news/p/firm-fund

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Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures.

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