The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch 20VC: Sam Altman vs Elon Musk: The $100BN Battle | The Implosion of Thinking Machines | Can VC Survive Public Market Pricing Today? | ClickHouse and Replit's New Rounds: Analysed
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Jan 22, 2026 
Rory O'Driscoll, a venture investor known for his insights on market dynamics, joins Jason Lemkin, a founder/operator with a practical approach to fundraising. They dive into whether venture capital can withstand public market pressures. The duo discusses the high-stakes legal battle between Elon Musk and Sam Altman, analyzing potential outcomes. They also explore the AI talent war, the implications of recent billion-dollar funding rounds, and what’s next for emerging tech like ClickHouse and Replit. Insightful thoughts on founder strategy amidst shifting market conditions make this a must-listen!
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Market Multiples Reward Growth
- Public market multiples sort winners by growth: high-growth firms get rich multiples while slow growers get punished.
- Venture must stay in hot trends to capture outsized returns or accept being sidelined.
Why VCs Pay For Forward Potential
- VCs price early on forward revenue because they can't wait to see which startups become Microsoft-like winners.
- Most picks fail, but a few winners justify the losses and create huge aggregate returns.
Attach AI Or Run For Profitability
- If your mid-stage SaaS growth is moderate, run the business to need less venture capital and prioritize profitability.
- Attach AI features or tailwinds to your product to re-earn investor interest and accelerate revenue.