The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch

20VC: Benchmark's Sarah Tavel on Are Foundation Models Commoditising | Why Frontier Models Will Be Closed Source | Why the Value is in the Application Layer | The Future of AI is "Selling the Work" Not the Tools

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May 6, 2024
Sarah Tavel, General Partner at Benchmark and former Pinterest leader, shares insights from her venture capital journey. She discusses whether foundation models will become commoditized and expresses her belief that future frontier models will likely be closed-source. Tavel emphasizes the importance of the application layer for creating sustainable value in companies. She also contrasts traditional funding approaches with the evolving landscape of AI, where the focus is shifting from selling tools to delivering outcomes.
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ANECDOTE

Joining Benchmark

  • Sarah Tavel initially declined Benchmark's offer, preferring to stay at Greylock.
  • Rich Barton's advice to "see how the greats practice venture" persuaded her to reconsider.
INSIGHT

Peter Fenton's Strengths

  • Peter Fenton's relentless learning mindset fuels his success.
  • He possesses exceptional EQ and understands people's motivations.
ADVICE

Importance of "Why Now"

  • Focus on the "why now" when evaluating startups, ensuring a strong driving force.
  • A compelling "why now" creates momentum, enabling companies to overcome challenges.
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