Sourcery

Sourcery with Molly O'Shea
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Interviews with the top Investors, CEOs, & Founders

  1. Why Lightspeed Bet on xAI, Neuralink, Suno, Granola, & Pika | Michael Mignano

    1D AGO

    Why Lightspeed Bet on xAI, Neuralink, Suno, Granola, & Pika | Michael Mignano

    Michael Mignano, Partner at $30B VC firm Lightspeed, and the co-founder of Anchor, a podcast creation, hosting, and monetization platform acquired by Spotify in 2019, joins Sourcery to discuss the next era of creation & technology investing. In this episode, Michael shares how his background building consumer media products informs the way he invests today, with a focus on AI and creativity-driven companies. We discuss his portfolio, including investments in xAI, Neuralink, Suno, Pika, Granola, and Macroscope, and how he evaluates AI businesses when incumbents can move quickly. The conversation digs into what makes AI companies defensible today, from retention-driven moats to why ARR metrics can be misleading. Michael shares his reaction to the Sora launch and avatars, and what these changes could mean for creators.  We also touch on evolving early-stage check sizes, lessons from Spotify’s Daniel Ek, his work on Obo, and thoughts on potential IPO candidates. Michael Mignano: https://x.com/mignano Molly O’Shea: ⁠https://x.com/MollySOShea⁠ Sourcery: ⁠https://x.com/sourceryvc 𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊𝐒 YouTube : https://youtu.be/m0lZ3JdZw7s 𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒 • Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery • Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery • Deel—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery • Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery Follow Sourcery for the latest updates! https://www.sourcery.vc/ Disclosure Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.   𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒 (00:00) Michael Mignano (01:06) Anchor’s pivot & podcasting’s breakout moment (02:32) Spotify’s Talk org: podcasts, video, and live audio (02:55) Why synchronous (live) formats fail online (03:27) Joining Lightspeed & portfolio overview (03:47) Investment thesis: creativity, product taste, founders (05:24) How xAI & Neuralink fit Lightspeed’s strategy (06:56) Is OpenAI “Sherlocking” ? (08:37) Granola & retention as the real AI moat (09:52) Why ARR can be FAKE in AI startups (11:20) Seed vs Series A check sizes & AI valuation premiums (19:34) Sora, avatars, recommendation media, & creator economics (33:37) Oboe: AI education & human intelligence (40:01) Lessons from Daniel Ek & Spotify’s long-term strategy (42:55) IPO predictions & what comes next

    45 min
  2. Palmer Luckey on UFOs, Anduril, Invisibility Tech, & Moon Wars

    6D AGO

    Palmer Luckey on UFOs, Anduril, Invisibility Tech, & Moon Wars

    Palmer Luckey, Co-Founder of Anduril, joins Sourcery for an unfiltered walk through some of the most controversial & speculative questions in modern defense technology, from UAPs and UFOs to invisibility tech, moon warfare, and why all of it may be running on parallel tracks to today’s human military development. Luckey breaks down what war would actually look like in space and on the moon, why spacecraft are nearly impossible to armor, and why survival off-Earth is so fragile that conflict would be “decisive and catastrophic.” He also explains Anduril’s real work on optical camouflage, why visible-spectrum invisibility is easier than people think, and why it’s largely irrelevant against modern adversaries armed with infrared, radar, and lidar. The conversation moves from the serious to the personal: Palmer’s blunt take on media coverage and testing failures, his belief that UAPs are likely not recently manufactured, his side project ModRetro (from an heirloom-grade Game Boy to the upcoming M64), and how becoming a father has—and hasn’t—changed his long-term worldview.  Equal parts speculative, technical, and philosophical, this episode captures the mind of a founder who’s comfortable operating at the edge of science, industry, and culture. Palmer Luckey: https://x.com/PalmerLuckey Molly O’Shea: ⁠https://x.com/MollySOShea⁠ Sourcery: ⁠https://x.com/sourceryvc 𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊𝐒 YouTube : https://youtu.be/WEGJh-4Iq30 𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒 • Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery • Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery • Carta—Carta connects founders, investors, and limited partners through software purpose-built for private capital. Trusted by 65,000+ companies in 160+ countries, Carta’s platform of software & services lays the groundwork so you can build, invest, and scale with confidence. https://carta.com/sourcery/?utm_medium=newsletter&utm_source=sourcery&utm_campaign=20250923-amer-carta_sourcery_data_insights • Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery Follow Sourcery for the latest updates! https://www.sourcery.vc/ Disclosure Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time. _ 𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒 (00:00) Palmer Luckey, Co-Founder Anduril (01:26) Fury: The first autonomous fighter jet (04:28) Anduril testing failures & Press heat (11:47) What would war look like on the Moon? (14:28) Invisible drones & Why camouflaging isn't useful (18:47) UAPs are from the past? (22:16) Seabed Sentry, Sentry Tower & Ocean surveillance (24:44) Shipbuilding gap with China & Why ships matter (27:18) Palmer's garage projects: Jet engine motorcycle (30:43) Lessons from fatherhood? (32:17) The next big step for Anduril

    35 min
  3. Inside Anduril HQ: Trae Stephens on Anduril’s Origin, Peter Thiel, & Palantir DNA

    DEC 18

    Inside Anduril HQ: Trae Stephens on Anduril’s Origin, Peter Thiel, & Palantir DNA

    Trae Stephens, Co-Founder & Executive Chairman of Anduril, & Partner at Founders Fund, joins Sourcery for a behind-the-scenes conversation on Anduril’s 2017 founding, when defense tech was deeply unpopular in Silicon Valley, the cultural shift that followed, and how software, autonomy, manufacturing scale, and ethics now converge in modern warfare and national security. Stephens explains Anduril’s core thesis: software-defined, hardware-enabled, and why the company is building a multi-domain autonomy strategy across sea, ground, air, and space. He also outlines the manufacturing view that “the factory is the weapon,” including Anduril’s expansion into scaled production with Arsenal-1 (a planned ~5 million sq ft campus near Columbus, Ohio) and a broader network of facilities and partners. The conversation also covers ethics and strategy: Stephens discusses Just War Theory (St. Augustine), the goal of increasing precision while removing humans from “dull, dirty, dangerous” roles, and the broader cultural shifts shaping America. He reflects on lessons from Palantir and Founders Fund, including Peter Thiel’s influence, concentration in venture, and “zero-to-one” strategy, and shares what he looks for when investing in founders. Trae Stephens: https://x.com/traestephens Molly O’Shea: ⁠https://x.com/MollySOShea⁠ Sourcery: ⁠https://x.com/sourceryvc 𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊𝐒 YouTube : https://youtu.be/9Fdq1TShG2w 𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒 (00:00) Trae Stephens, Co-founder & Executive Chairman Anduril (01:03) Rise of defense tech & Pete Hegseth visit (03:58) Origin of Anduril & James Bond dreams (05:18) Anduril's multi-domain defense strategy (06:42) China's subsidies & US government investments (08:46) "Factory is the weapon" & re-industrialization (10:30) Arsenal-1 Ohio factory (13:44) What people get wrong about Anduril (17:08) Biggest Lesson from Palantir (19:04) Just War theory & defense ethics (22:16) Cultural shift from AI slop to good quests (23:49) How Anduril is building “Apple for defense” (27:03) Founders Fund investments: Varda, Armada, Cognition, General Matter (29:52) Why is Peter Thiel always right? 𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒 • Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery • Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery • Carta—Carta connects founders, investors, and limited partners through software purpose-built for private capital. Trusted by 65,000+ companies in 160+ countries, Carta’s platform of software & services lays the groundwork so you can build, invest, and scale with confidence. https://carta.com/sourcery/?utm_medium=newsletter&utm_source=sourcery&utm_campaign=20250923-amer-carta_sourcery_data_insights • Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery Follow Sourcery for the latest updates! https://www.sourcery.vc/ Disclosure Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

    32 min
  4. Full Anduril R&D Tour: Matt Grimm, Co-Founder & COO

    DEC 17

    Full Anduril R&D Tour: Matt Grimm, Co-Founder & COO

    Matt Grimm, Co-Founder & COO of Anduril, walks us through Anduril’s headquarters in Costa Mesa—a rare, and possibly first look, inside the physical systems that turn ideas into fielded products. We tour Building A, a 200,000 sq ft R&D facility with machine shop, composites, metrology, electronic warfare test environments, and a dev-test area designed to “break things” so the team can iterate faster. Grimm explains how Anduril scaled from a ~5,000 sq ft former lost-luggage garage (with mold and no bathroom) to a global footprint of ~7,000 employees and roughly 34–35 offices, while ramping production and operations. We also get hands-on with key systems and platforms, including the Ghost Shark (XL-AUV) autonomous submarine program and Anduril’s distributed compute and command-and-control stack: Menace & Titan (in partnership with Palantir). As COO, Grimm also lays out how the co-founders divide responsibilities at scale: Palmer Luckey drives new product concepts & CONOPS while serving as Anduril’s most visible public figure; Brian Schimpf, as CEO, sets strategy & evaluates global defense programs & timing; Trae Stephens leads investor relations & owns marketing and design (Ohio State, NASCAR); & Matt Grimm runs the operational core, from facilities & security to supply chain, production, logistics, & sustainment. This is Part 2 of 4 of our interview series with Anduril’s Founders, in addition to our compiled video, check them all out! Matt Grimm: https://x.com/mttgrmm Molly O’Shea: ⁠https://x.com/MollySOShea⁠ Sourcery: ⁠https://x.com/sourceryvc 𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊𝐒 YouTube: https://youtu.be/7rvStMD9WFU 𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒 • Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery • Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery • Carta—Carta connects founders, investors, and limited partners through software purpose-built for private capital. Trusted by 65,000+ companies in 160+ countries, Carta’s platform of software & services lays the groundwork so you can build, invest, and scale with confidence. https://carta.com/sourcery/?utm_medium=newsletter&utm_source=sourcery&utm_campaign=20250923-amer-carta_sourcery_data_insights • Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery Follow Sourcery for the latest updates! https://www.sourcery.vc/ Disclosure Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

    35 min
  5. Full Interview: Anduril CEO Brian Schimpf on $1B+ Revenue & Still Doubling

    DEC 16

    Full Interview: Anduril CEO Brian Schimpf on $1B+ Revenue & Still Doubling

    Full Interview: Brian Schimpf, Co-Founder and CEO of Anduril, joins Sourcery to discuss the company’s scale, strategy, and position in the defense market. He outlines Anduril’s growth to roughly 7,000 employees, $1B+ in revenue with continued YoY doubling, and a reported $30.5B valuation (too low?), while addressing IPO speculation & these wild “fake SPVs.” The conversation covers geopolitical instability, production constraints in the U.S. defense industrial base, and how the nearly $1 trillion defense budget is actually allocated to personnel, infrastructure, and sustainment, rather than new procurement. Schimpf draws on leadership lessons from Palantir, highlighting creativity, high agency (“Artisty & Meritocracy’), and long-term alignment with military needs. Schimpf also explains Anduril’s expansion from early autonomous systems into a portfolio spanning autonomous aircraft, cruise missiles, electronic warfare, and networked sensing and command platforms, enabled by a shared software and hardware foundation built around Lattice. Emphasizing the company’s focus on a distributed, autonomous battlefield and the ability to rapidly field new capabilities. FWIW: Spending time on Anduril’s campus ahead of the final interview of the day offered such a strong view into the scale and complexity of the organization Brian is leading. Walking through the facility and meeting with the founding team made the scope of Anduril’s operations very real, but also highlighted just how complementary their skill sets are and how that translates into execution at scale. And with that, I have concluded that given the company’s growth, momentum, & market position.. Anduril may still be undervalued. Brian Schimpf: https://x.com/SchimpfBrian Molly O’Shea: ⁠https://x.com/MollySOShea⁠ Sourcery: ⁠https://x.com/sourceryvc 𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊𝐒 YouTube : https://youtu.be/P5dsb28UVec 𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒 • Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery • Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery • Carta—Carta connects founders, investors, and limited partners through software purpose-built for private capital. Trusted by 65,000+ companies in 160+ countries, Carta’s platform of software & services lays the groundwork so you can build, invest, and scale with confidence. https://carta.com/sourcery/?utm_medium=newsletter&utm_source=sourcery&utm_campaign=20250923-amer-carta_sourcery_data_insights • Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery Follow Sourcery for the latest updates! https://www.sourcery.vc/ Disclosure Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

    32 min
  6. Inside Anduril: Exclusive HQ Tour w/ Palmer Luckey, Brian Schimpf, Matt Grimm & Trae Stephens

    DEC 15

    Inside Anduril: Exclusive HQ Tour w/ Palmer Luckey, Brian Schimpf, Matt Grimm & Trae Stephens

    This is a rare, behind-the-scenes walking tour & sit-down interview inside Anduril Industries, a $30.5B defense technology company that develops and sells autonomous systems, AI-powered software, and advanced hardware for military and security applications to protect US and allied forces.. one of the most consequential defense companies of this era. In this Sourcery exclusive, we go inside Anduril’s headquarters and R&D facilities with the founding team: Palmer Luckey, Brian Schimpf, Matt Grimm, & Trae Stephens, to understand how modern defense technology is actually built. We walk through: Anduril’s R&D labs, machine shop, and test environments Autonomous fighter aircraft (Fury) and manned-unmanned teaming Fully autonomous submarines (Ghost Shark / Dive-XL) Distributed command-and-control systems (Menace, Titan, Eagle Eye) Arsenal-1, Anduril’s upcoming 5M sq ft hyperscale manufacturing campus in Ohio And discuss: Why manufacturing capacity is now deterrence Where the nearly $1T U.S. defense budget actually goes Why legacy procurement systems struggle with speed How Anduril beat Boeing, Lockheed, and Northrop on next-gen fighter programs The ethics of AI, autonomy, and Just War Theory Why testing to failure is essential — and misunderstood How global instability is reshaping defense spending worldwide It’s a candid, technically deep, historically grounded conversation about war, factories, speed, ethics, and the future of deterrence, filmed inside one of the most closed, sensitive, and technologically advanced facilities in American industry. Brian Schimpf: https://x.com/SchimpfBrian Matt Grimm: https://x.com/mttgrmm Trae Stephens: https://x.com/traestephens Palmer Luckey: https://x.com/PalmerLuckey Molly O’Shea: ⁠https://x.com/MollySOShea⁠ Sourcery: ⁠https://x.com/sourceryvc 𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊𝐒 YouTube : https://youtu.be/RBXXYpjs9TE 𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒 • Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery • Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery • Carta—Carta connects founders, investors, and limited partners through software purpose-built for private capital. Trusted by 65,000+ companies in 160+ countries, Carta’s platform of software & services lays the groundwork so you can build, invest, and scale with confidence. https://carta.com/sourcery/?utm_medium=newsletter&utm_source=sourcery&utm_campaign=20250923-amer-carta_sourcery_data_insights • Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery Follow Sourcery for the latest updates! https://www.sourcery.vc/ Disclosure Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

    39 min
  7. Misunderstood Power: Emil Michael on the Truth About the DoW & Defense Tech

    DEC 13

    Misunderstood Power: Emil Michael on the Truth About the DoW & Defense Tech

    With great honor, Mr. Emil Michael, the Under Secretary of War for Research & Engineering (USW(R&E)) and Chief Technology Officer for the Department of War (DoW), joins Sourcery in front of a F117 at the Reagan National Defense Forum 2025 to dispel common misconceptions about the DoW, modern defense technology, & the role of companies like Palantir, SpaceX, & Anduril. Drawing on his unique path from hyperscaling Uber into a global technology company to now overseeing the DoW’s research, development, & prototyping enterprise, he breaks down how the system actually works behind the scenes. He also outlines the DoW’s 6 Critical Technology Areas — Applied AI, Scaled Hypersonics, Scaled Directed Energy, Biomanufacturing, Contested Logistics, & Battlefield Information Dominance — and explains how these priorities reflect the realities of modern warfare rather than the myths often portrayed around the sector. Bonus: Newer companies Emil Michael highlights as emerging leaders in defense innovation include Planet Labs for commercial satellite imagery, Neros as a next-generation drone company, Hadrian for AI-driven advanced manufacturing, and a broader group of frontier AI companies now engaging with the Department of War. Emil Michael: https://x.com/emilmichael Molly O’Shea: ⁠⁠https://x.com/MollySOShea⁠ Sourcery: ⁠https://x.com/sourceryvc 𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊𝐒 YouTube: https://youtu.be/6Lfst-RXX9k 𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒 • Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery • Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery • Carta—Carta connects founders, investors, and limited partners through software purpose-built for private capital. Trusted by 65,000+ companies in 160+ countries, Carta’s platform of software & services lays the groundwork so you can build, invest, and scale with confidence. https://carta.com/data/sourcery/ • Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://www.public.com/sourcery Follow Sourcery for the latest updates! https://www.sourcery.vc/ Disclosure Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

    31 min

  8. DEC 11

    Why $300B of SaaS Revenue Is Trapped & How the $19.9T AI Agent Economy Unlocks It

    Manny Medina, Co-Founder & CEO of Paid and former CEO of $4.4B Sales Tech company, Outreach, hosts Sourcery at their HQ in London to discuss the early development of AI agents & what this shift means for software businesses. Roughly $300 billion in SaaS revenue remains “trapped” in legacy pricing and delivery models. After scaling Outreach to 6,000 customers, 220,000 active users, and $250M in ARR, Manny saw firsthand that many SaaS monetization frameworks don’t fit agentic systems, which perform full end-to-end workflows rather than individual user-driven tasks. This gap led him to build Paid, the platform designed to help companies measure, price, & manage the economics of agents. And it's working.. early customers have reported 20–40% revenue growth within six months of adopting the platform. With $33.3M in total funding, Paid is backed by Sequoia Capital, Lightspeed Venture Partners, EQT Ventures, GTM Fund, & FUSE. Timestamps (00:00) Why Manny built Paid after Outreach(01:05) The $300B trapped revenue problem(02:00) Why seat-based pricing breaks for AI agents(03:10) How agents perform full end-to-end workflows(04:00) Early use cases: support, ops, underwriting(05:20) SaaS companies shifting to agentic models(06:15) Pricing agents on outcomes, not seats(07:10) Managing margins + model costs(08:00) Founder-led sales and early GTM(08:55) Why efficiency must start on day one(09:40) Palantir-style, forward-deployed culture(10:30) How Paid helps companies monetize agents(11:20) Education needed for SaaS pricing change(12:10) What the next 12–24 months look like for agents(13:00) Manny’s outlook on the agentic economy 𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒 • Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery • Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery • Carta—Carta connects founders, investors, and limited partners through software purpose-built for private capital. Trusted by 65,000+ companies in 160+ countries, Carta’s platform of software & services lays the groundwork so you can build, invest, and scale with confidence. https://carta.com/sourcery/?utm_medium=newsletter&utm_source=sourcery&utm_campaign=20250923-amer-carta_sourcery_data_insights • Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery Follow Sourcery for the latest updates! https://www.sourcery.vc/ Disclosure Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

    21 min
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About

Interviews with the top Investors, CEOs, & Founders

Information

  • Creator
    Sourcery with Molly O'Shea
  • Years Active
    2024 - 2025
  • Episodes
    109
  • Rating
    Explicit
  • Copyright
    © Sourcery with Molly O'Shea
  • Show Website
    Sourcery

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