How AI changes marketplace competition

Vanessa Larco, partner at Premise and former partner at NEA, thinks 2026 will finally be the year of consumer AI. 

Larco, who's been investing in consumer and prosumer for years, thinks we're about to see a shift in how consumers spend time online, with AI powering “concierge-like” services. The question is, will legacy consumer products like WebMD and TripAdvisor continue to exist as standalone apps, or will they just get absorbed into ChatGPT or Meta AI? And where can startups carve out an AI-powered niche for themselves? 

Today on TechCrunch's Equity podcast, Rebecca Bellan sat down with Larco to talk about why consumer is back, what OpenAI won't kill, and where the real opportunities are hiding. 

Listen to the full episode to hear about: 

• Why Larco thinks OpenAI won't build marketplace businesses that require managing real humans. 

• Larco’s take on "disposable software" and why AI apps “should be treated like Word docs.” 

• How Meta Ray-Ban smart glasses turned Larco into a believer in voice interfaces (and why she thinks screens are optional for most tasks). 

• More predictions for 2026, including another huge year for M&A. 

• What new business models stablecoins could unlock.  

00:00 - Introduction  

00:53 - Why founders are excited about consumer again  

04:40 - The moat against OpenAI: Managing real humans  

09:22 - Apps as disposable as Word docs  

12:48 - Social media in the AI era 

18:48 - Meta Ray-Bans and why wearables are actually good  

23:35 - Stablecoins and consumer fintech opportunities  

26:54 - M&A predictions for 2026 

Subscribe to Equity on YouTube, Apple Podcasts, Overcast, Spotify and all the casts. You also can follow Equity on X and Threads, at @EquityPod. 

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