Onward, a Fundrise Production

Kanika Bahl, founder and CEO of the AI Access Initiative and former Anthropic trust member who scaled global health programs, discusses life after transformative AI. She explores rapid AI progress, how distribution — not just invention — will determine who benefits, AI applications for farmers, healthcare, and education, and the societal questions around work, purpose, and fair ownership.

Paul Adams, Chief Product Officer at Intercom and AI-driven customer service leader, discusses Intercom's all-in pivot to AI after ChatGPT. He covers building specialized models, cultural refounding, how automation reshaped human roles, risks of letting agents write databases, and surprising ways AI strengthened legacy products.

Celine Halioua, founder and CEO of Loyal, builds drugs to extend dog lifespan and aims for the first FDA longevity approval. She explains why a 2019 regulatory tweak made Loyal possible. They discuss the two drug programs, using dog revenue to fund human longevity, regulatory hurdles for a lifespan drug, and practical risks and timelines for bringing a canine longevity pill to market.

Raza Habib, Member of Technical Staff at Anthropic and former Humanloop CEO, explains why AGI is harder to define than expected and why recent model gains feel transformative. He traces AI’s fast timeline, predicts near-term automation for senior engineering work, and discusses economic, geopolitical, and policy implications in short, sharp takes.

They unveil a plan to list a venture-style fund publicly under the ticker VCX. They debate why so few tech firms go public and how private rounds now capture huge value. The conversation covers the structure and fees of a public venture fund versus traditional VC. They highlight the fund's heavy exposure to AI-focused private companies and the fairness argument for broader access to private tech.

A new AI tool for real estate is unveiled and demoed with live property searches and instant valuations. The conversation covers tenant intelligence, rent comps, and block‑level neighborhood profiling. They show big‑data modeling, regression visualizations, and underwrite a large multifamily acquisition with scenario planning.

Willy Walker, CEO of Walker & Dunlop, shares his journey in transforming a local mortgage shop into a national powerhouse in real estate finance. He delves into pivotal growth decisions, the importance of company culture, and the challenges of leading during crises like 2008 and COVID. Walker discusses the balance of competitive culture with ethical practices, the nuances of going public, and the lessons learned from mistakes made along the way. His insights on management strategies and the future of the industry reflect a blend of audacity and caution.

The discussion navigates the economic implications of AI, framing it as a new industrial revolution. With AI handling customer support and cybersecurity, business efficiency is set to skyrocket. The hosts explore how many routine tasks will be automated, shifting the focus to more complex cognitive work. They also address the potential for disinflation and the impact on labor and capital dynamics. Political responses and the possibility of unequal AI benefits add complexity to the landscape, raising questions about future workplace adaptation.

Hallie Hoffman, a former federal prosecutor and General Counsel of the DEA, shares her insights into the justice system. She reveals why justice moves slowly, emphasizing the role of dedicated agents in high-stakes cases. Hallie also discusses her leap into biotech, the significance of rebuilding trust in public service, and the impact of social media narratives. With a blend of optimism and realism, she highlights future threats like technology-driven crime and advocates for reforms to speed up justice without compromising rights.

Scott Plank—who helped build Under Armour from the ground up, was the largest angel investor in WeWork, and is a seed investor in Fundrise—joins us to share what it really feels like to bet everything, lose big, win bigger, and keep moving forward.In this conversation, Scott traces his path from building homes as a carpenter and selling bracelets in Guatemala to helping Under Armour grow from a family startup into a billion-dollar public company. He explains the financing strategies that kept the company alive in its early days, the lessons of scaling operations under intense pressure, and why he believes Under Armour couldn’t be founded the way they did in today’s world.Scott also shares his experience as the largest angel investor in WeWork, unpacking why he saw value where others didn’t, and how he navigated both the spectacular rise and fall of the company. Along the way, he reflects on risk—when to push all in, when to shut things down, and how entrepreneurship is often about knowing when the world has changed.Finally, he discusses his ongoing work in real estate and technology, including data centers and community development, and offers advice for the next generation of entrepreneurs. For Scott, the throughline is clear: success depends not just on grit, but on aligning values, timing, and the willingness to evolve when circumstances demand it.—For a deeper dive into these insights and more, be sure to listen to the full episode of the Onward podcast.Have questions or feedback about this episode? Drop us a note at [email protected]. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise. Podcast production by The Podcast Consultant. Music by Seaplane Armada. About Fundrise With over 2 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button. Please see fundrise.com/oc for more information on all of the Fundrise-sponsored investment funds and products, including each fund’s offering document(s). Want to see the specific assets that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets.