Term Sheet

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Welcome to the Term Sheet podcast! In this series, Allie Garfinkle adapts her Term Sheet newsletter in audio and video format, diving deeper into the latest news and insights on private equity, venture capital and start-ups. Every week, the show features conversations with industry leaders, insights, and a roundup of the biggest funding news.

  1. 5 pv sitten

    How This Multi-Millionaire Investor Spots Billion-Dollar Ideas | Term Sheet

    Over 3,000 venture capital firms are operating in the U.S. today. Lux Capital's co-founder Josh Wolfe thinks more than half of them won't survive the decade. He has spent 25 years making calls nobody else would make, backing Anduril before defense tech was a category and surgical robotics before it had a market. Now, fresh off a $1.5 billion fundraise, he's warning that the AI boom is headed for a crash that will wipe out trillions in market cap and take most of the venture industry with it. Fortune's Allie Garfinkle sits down with Wolfe to find out who survives the shakeout, where the defense tech bubble breaks, and the predictions he's making for 2027.  0:00 The VC Extinction Has Already Started0:50 Hot IPO Summer: SpaceX's $2 Trillion Debut2:05 The VC Who Bets Against Everyone2:26 Josh Wolfe: Half of VC Firms Are Going Extinct5:24 Why Lux Plays the Middle6:14 Turning Science Fiction Into Billions6:43 Star Wars Inspired a Billion-Dollar Exit8:41 Real-Life X-Men Is Already Here9:41 How He Spots Fake Science in Seconds11:19 Is Venture Capital Eating Itself?13:59 The AI Crash: Trillions Wiped Out16:55 Why a Fruit Fly Could Beat the Big AI Labs17:21 Soon Everything You Say Is Recorded?19:57 The Defense Bet Nobody Would Make22:51 Kill Chains and Moral Precision27:45 Wolfe's 2027 Prediction: A 15% Nasdaq Drop30:41 Why He's Still Betting on the Future Learn more about your ad choices. Visit megaphone.fm/adchoices

    34 min

  2. 11.6.

    The Investor Who Bet on SpaceX, OpenAI and Anthropic Before You Could | Term Sheet

    A hidden market for shares of the world's hottest private companies has quietly grown to an estimated $112 billion, and most of it happens off the books. As SpaceX, OpenAI, and Anthropic edge toward going public, the investors who poured billions into pre-IPO shares may not actually know what they own. Larry Aschebrook founded G Squared in 2011, when trading secondaries made you a "bottom feeder" who got cease-and-desist letters. Today the firm manages north of $8 billion and holds stakes in SpaceX, OpenAI, and Anthropic. Fortune's Allie Garfinkle sits down with Larry to talk about the shadow market behind the biggest names in tech, why layered SPVs could leave investors with nothing, and the reckoning he sees coming when these companies finally go public. 0:00 The $4 Trillion Problem Nobody's Talking About 0:56 Hot IPO Summer Is Here 1:58 They Wouldn't Return His Calls 3:15 His First Trade? Twitter Stock 6:06 What Secondaries Actually Are 7:26 The SPV Trap: Fees Stacked on Fees 14:27 The Doctors and Dentists Problem 18:55 Back When This Was Taboo 21:35 What Facebook's Lockup Should Teach You 23:56 "SpaceX Could Force a Reckoning" Learn more about your ad choices. Visit megaphone.fm/adchoices

    54 min

  3. 28.5.

    Investment Bankers Built A $2B AI To Replace Themselves | Term Sheet

    Gabe Stengel studied computer science at Princeton and started his career as an investment banking analyst at Lazard. Then he did something a lot of bankers think about but never do: he quit at 23 to build the AI that would automate his old job. After 30 VC passes and two grueling years, his company Rogo just raised $160 million at a $2 billion valuation, and 35,000 bankers at firms like JPMorgan, Bank of America, and his former employer Lazard now use it. Fortune's Allie Garfinkle sits down with Gabe to talk about the future of M&A, why some Wall Street workflows will never need a human again, and what AI means for the next generation of investment bankers.0:00 The Banker Automating Wall Street0:16 What "AI for Wall Street" Actually Means3:13 Inside the Billion-Dollar Deal Rooms6:07 Quitting Wall Street at 237:35 The Brutal Early Days & 30 Rejections14:45 Meet Felix, the AI That Never Sleeps19:55 Will AI Kill Banking Jobs?25:52 Competing With OpenAI, Anthropic & Google 30:08 Why a Finance Legend Bet on Him35:30 Does Wall Street Still Matter? Learn more about your ad choices. Visit megaphone.fm/adchoices

    41 min

  4. 13.5.

    This Creator Investor On The Truth About The AI Gold Rush | Term Sheet

    Claire Zau spent six years in venture capital and became the youngest investor to make partner at GSV. Then she did something very few other VCs were doing: she started posting social media videos about AI to inform the general public. A year, 337,000 followers and 1.6 million likes later, Lightspeed Venture Partners hired her in a role that's never existed in venture before: New Media and Investor. Fortune’s Allie Garfinkle sits down with Claire to talk about the AI bubble, AI education, the gap between Silicon Valley and the general public, and why one in three Gen Zers say AI makes them angry. 0:00 — From VC to Viral: How a Lightspeed Partner Built an Audience on Short-Form 0:29 — The Algorithm Is a Feedback Loop and VCs Are Finally Using It 8:37 — Why Some People Are Being Left Out of the AI Story 17:21 — Promethean Fire: The Case for Techno-Optimism When Everyone's Scared 11:23 — AI Literacy Is Like Sex Ed — You Don't Have to Love It, But You Need to Know 13:54 — The Real Problem With How People Are Using AI (And How to Fix It) 23:53 — AI Gives You Leverage, but Only If You Know How to Use It 24:49 — Can You Actually Build a Moat in AI? A VC Answers Honestly 28:21 — Why Early-Stage Investing Is Still a Bet on People, Not Products 30:29 — Bits and Atoms: The New Investment Thesis for the AI Hardware Era Learn more about your ad choices. Visit megaphone.fm/adchoices

    36 min

  5. 7.5.

    From a Palo Alto Closet to $1 Billion Revenue: How Gusto Cracked Small Business Software | Term Sheet

    Approximately nine out of every ten net new jobs in America come from small businesses, yet they shoulder over $81 billion a year in federal paperwork. As more Americans launch their own businesses, the back office is buckling under the weight.In this episode, Josh Reeves, cofounder and CEO of Gusto, a payroll, benefits, and HR platform for small businesses, breaks down the contrarian bet that built a $9 billion company. He and Fortune's Allie Garfinkle discuss why small business tech is often overlooked, why he doesn't think AI labs like OpenAI and Anthropic will touch tax compliance, and how Gusto crossed $1 billion in revenue on its path to what Reeves believes is a trillion-dollar opportunity. Learn more about your ad choices. Visit megaphone.fm/adchoices

    38 min

  6. 22.4.

    How to Raise a CEO: The "Godmother of Silicon Valley" Esther Wojcicki

    What is the secret to raising world-class leaders? In this episode, Fortune’s Allie Garfinkle sits down with Esther Wojcicki, the legendary educator and "Godmother of Silicon Valley." As the mother of three high-achieving daughters—including the former CEO of YouTube and the founder of 23andMe—Esther shares her leadership and parenting philosophy that works as well in the boardroom as it does in the classroom. She is also joined by her former student, Mary Minno, to discuss their latest collaboration–TreeHub–an ambitious new venture in AI-driven healthcare. Learn more about your ad choices. Visit megaphone.fm/adchoices

    34 min

  7. 8.4.

    The Startup Fighting to Save the American Farm with Modern Finance

    American agriculture is the backbone of the U.S. economy, yet the average farmer earns only 5 cents of every dollar spent on food. With an almost 50% spike in bankruptcies of U.S. farms and margins thinner than ever due to falling revenues and rising production costs, the agricultural economy is facing an inflection point. In this episode, Mackenzie Burnett, CEO & Co-Founder of Ambrook–a modern finance toolkit for farmers, breaks down the high-stakes world of agricultural finance. She and Fortune's Allie Garfinkle discuss why many farms still rely on paper ledgers, the "unscalable" journey to find product-market fit in a skeptical industry, and how modern financial tools are a critical part of the strategy to save American family farms. Learn more about your ad choices. Visit megaphone.fm/adchoices

    30 min

  8. 18.3.

    How Winston Weinberg built his $11 billion AI Company | Term Sheet

    Harvey co-founder and CEO Winston Weinberg has a method for leading his legal AI company, now valued at $11 billion after just three and a half years: psychological discipline. On this episode of Term Sheet, Weinberg tells Fortune’s Allie Garfinkle how he tracks his daily to-do list against his goals six months out, what he looks for in new hires, and how he avoids the pitfalls of being trapped by his own ego. Learn more about your ad choices. Visit megaphone.fm/adchoices

    53 min
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Welcome to the Term Sheet podcast! In this series, Allie Garfinkle adapts her Term Sheet newsletter in audio and video format, diving deeper into the latest news and insights on private equity, venture capital and start-ups. Every week, the show features conversations with industry leaders, insights, and a roundup of the biggest funding news.

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    Fortune Magazine
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    2 t.
  • Jaksot
    25

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