
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch 20VC: Thrive & OpenAI Partnership | Eventbrite Acquired for $500M | Databricks Raising $5BN at $134BN Valuation: Cheap or Not? | Why SaaS is Like Japan and The TAM Trap in Software
138 snips
Dec 4, 2025 Jason Lemkin, founder of SaaStr and a SaaS investment guru, joins Rory O'Driscoll, a seasoned venture capitalist, to dive deep into the evolving landscape of tech investments. They explore the implications of Thrive's partnership with OpenAI and dissect Databricks' hefty $5BN raise at $134BN valuation. The duo also tackles the TAM trap in SaaS, reflecting on market saturation and the future of pricing models amid rising AI pressures. With insights into mergers and the strategic shifts in the market, their discussion reveals a critical view on growth vs. efficiency.
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OpenAI's Rapid Strategic Reset
- OpenAI shifted from broad partnerships to a 'code red' focus on its core product and chat leadership.
- Big strategic pivots can erase prior partnership narratives overnight.
Double Down On Your Top Winners
- Go deep with your highest-conviction winners by committing more capital and support.
- Treat your top founders like portfolio centerpieces to amplify power-law returns.
Premiums Reflect Reacceleration Power
- Valuing high-growth private companies hinges on how much extra multiple you pay for incremental growth.
- Reacceleration at scale massively changes valuation math and can justify large premiums.







