{"version":1,"type":"rich","provider_name":"Libsyn","provider_url":"https:\/\/www.libsyn.com","height":90,"width":600,"title":"20VC: The 8 Moats of Enduring Software Companies: How to Analyse for Durability and Defensibility in a World of AI | Why Dropouts are &quot;AI Maxing&quot; the World &amp; Remote Early-Stage Companies are Dying with Gokul Rajaram","description":"Gokul Rajaram is one of the greatest operators turned investors of the last 2 decades. He is trusted as the go to advisor for the greatest founders in the world. Today he serves as a Board Director at three public companies: Coinbase, Pinterest and The Trade Desk. Prior to Marathon (his firm), Gokul served on the executive team at DoorDash and Block. Before Block, he served as Product Director of Ads at Facebook. Earlier in his career, Gokul served as a Product Management Director for Google AdSense. Gokul is also a prolific angel investor, having invested in 700+ companies, including Airtable, Figma, Groq, Runway, Supabase, and Vercel.&amp;nbsp; AGENDA: 03:53 \u2014 Investing Lessons from Google, Doordash and Facebook 05:32 \u2014 Why Mark Zuckerberg is the Greatest Distribution Genius Alive 07:23 \u2014 Why Every Company Today Needs to be Multi-Product 09:16 \u2014 Negative Gross Margins: Are the Best Companies Actually Built on &quot;Shit&quot; Economics? 10:50 \u2014 The SaaS Apocalypse: Is the Entire Sector Going to Zero? 12:15 \u2014 The 8 Moats of Enduring Software Companies: How to Analyse Companies 14:50 \u2014 Why Brand is No Longer a Strong Moat (And What Replaced It) 16:13 \u2014 Salesforce vs. Atlassian: Which Systems of Record are Dying? 18:13 \u2014 Outcome-Based Pricing: Is This the Total Death of Seat Pricing? 20:16 \u2014 The Bolt-On AI Trap: Why Rebuilding Your Entire UX is Non-Negotiable 23:44 \u2014 Are the Outcome Sizes of Vertical SaaS Large Enough for VC Today? 28:16 \u2014 The Zombie Cohort: What Happens to Private Companies with High Valuations? 32:44 \u2014 Is &quot;King Making&quot; Complete Bullshit? 34:21 \u2014 Durability Over Margins: What Really Matters in a 100x Growth World 35:36 \u2014 The Non-Consumption Miracle: Why Granola and Gamma are Crushing It 38:50 \u2014 The PayPal Rule: Can You Raise Prices 5 Times in 3 Years? 42:47 \u2014 My Biggest Miss: How I Misread the Shopify Billion-Dollar Mark 45:18 \u2014 The Courage to Bet: Why Instacart is the Best VC Deal Ever 46:33 \u2014 Seed vs. Growth Pricing: When Does Price Actually Destroy Returns? 50:53 \u2014 Does &quot;Proprietary Founder Access&quot; Even Exist? 54:33 \u2014 Double Down or Diversify? The Truth About Fund Reserves 59:44 \u2014 The Vanta Anti-Portfolio: A Mistake I'll Never Forget 01:01:21 \u2014 When to Sell: The &quot;Sell a Third, Hold a Third, Trade a Third&quot; Rule 01:04:12 \u2014 Why Remote Early-Stage Companies are Dying 01:07:33 \u2014 Why Mid-Level Partners are Fleeing Mega Funds 01:09:47 \u2014 The Best CEO Superpowers: Larry, Mark, Jack, and Tony 01:12:33 \u2014 The Next 10 Years: Why Dropouts are &quot;AI Maxing&quot; the World &amp;nbsp; &amp;nbsp; ","author_name":"The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch","author_url":"http:\/\/www.thetwentyminutevc.com\/","html":"<iframe title=\"Libsyn Player\" style=\"border: none\" src=\"\/\/html5-player.libsyn.com\/embed\/episode\/id\/40487710\/height\/90\/theme\/custom\/thumbnail\/yes\/direction\/forward\/render-playlist\/no\/custom-color\/88AA3C\/\" height=\"90\" width=\"600\" scrolling=\"no\"  allowfullscreen webkitallowfullscreen mozallowfullscreen oallowfullscreen msallowfullscreen><\/iframe>","thumbnail_url":"https:\/\/assets.libsyn.com\/secure\/content\/199706590"}