

20VC: Lessons from Investing $2BN and Returning $8BN in Cash | Why Most Venture Partnerships are Broken | We Sold Salesforce Early and Lost Out on Billions | Are The Best Deals Always Expensive and Competitive with Jake Saper @ Emergence Capital
546 snips Mar 10, 2025
Jake Saper, General Partner at Emergence Capital, discusses his firm's impressive track record of investing $2BN and returning $8BN. He shares insights about their early investment in Zoom and the critical importance of market dynamics over mere traction. Saper also delves into the changing landscape of SaaS metrics and the significance of retaining customers. He highlights the existential concerns around AI and encourages companies to aim for becoming board discussion topics, all while revealing lessons learned from their early sale of Salesforce.
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The Zoom Investment Story
- Jake Saper's first deal at Emergence Capital was Zoom, a then-small video conferencing company.
- Due diligence revealed the founder, Eric Yuan, miscalculated churn, underestimating his own success.
Why Founders Choose VCs
- Founders should choose VCs who offer specific value, like GTM expertise, not just general support.
- VCs can increase a startup's odds of success, even if the founder doesn't strictly need them.
Prepared Minds vs. Portfolio Insights
- While "prepared minds" can accelerate deal flow, true insights often emerge from portfolio companies.
- Emergence Capital developed a broader thesis on voice AI after investing in Chorus.ai, an early competitor to Gong.