Larry Cheng

Larry Cheng, co-founder and managing partner at Volition Capital, dives into the importance of capital efficiency for tech startups. He explains how companies can grow sustainably without overspending while highlighting lessons from Chewy's early days. The discussion includes the resurgence of capital expenditure in frontier tech and the potential of hardware-enabled SaaS. Cheng also analyzes Circle’s IPO, the Rippling–Deel legal conflict, and AI's impact on academic results at Alpha School, offering insightful frameworks for evaluating return on capital.