StrictlyVC Download Roelof Botha on Sequoia, startup building, and Washington -- days before stepping down
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Nov 5, 2025 
Roelof Botha, a longtime partner at Sequoia and former PayPal CFO, discusses his imminent departure from Sequoia and the firm's investment philosophy. He shares insights on venture capital's nature and emphasizes the importance of fierce debates in investment decisions. Botha elaborates on Sequoia's Scout program and the challenges of the current AI boom, cautioning founders against quickly raising high valuations. His perspective on vertical market winners emerging faster than ever adds depth to the conversation.
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Small Team, Big Outcomes
- Sequoia stays small and focused to hunt outlier companies rather than scale headcount with capital.
- Botha says a compact team lets them back daring founders from incorporation onward.
Venture Isn’t A Scalable Asset Class
- Venture doesn't behave like a scalable asset class because returns concentrate in very few firms and companies.
- Botha argues more money can dilute talent and reduce per-dollar returns in the ecosystem.
Use Secondaries To Reduce Founder Pressure
- Provide secondaries to founders and early employees to relieve personal financial pressure and align incentives.
- Botha calls secondaries liberating and useful for sustaining long-term company building.