CLIMB by VSC

Jay Kapoor
  • 5.0 (36)
  • Investing
  • Weekly

CLIMB is about how AI is changing what we build and what we back. Each week, host Jay Kapoor sits down with the operators and investors working at the very edge of technology today, for honest conversations on where the next great companies come from. A show from VSC Ventures.

  1. Aug 19

    Free A.I. Models Were Never Free | EP 101 Deedy Das

    Thanks to our partners at Bright Data and the Web Data Loft for hosting this conversation in San Francisco. Everyone says open source models are the cheap option. I asked Deedy Das to actually price it, and the answer was not the one I wanted. Deedy is a partner at Menlo Ventures, where he co-runs the Anthology Fund. Before that he was on the founding team at Glean, and before that Google and Meta. He is also one of the very few investors I know who will sit down and walk you through the chip company he passed on that Nvidia went and bought for $20 billion. We spent most of this conversation arguing. KIMI K3 against Opus on price. Whether frontier costs have really come down. Whether an enterprise should ever walk away from the best model and start hosting weights itself. I pushed back on most of his answers and he pushed back harder on mine. Free models were never free. That is roughly where we landed. In this episode we discuss: Why "I could vibe code that in 10 minutes" is not the threat founders think it isThe one product metric he underwrites multiples on, and why he barely looks at ARRHow most VCs never open the product they are fundingWhether Anthropic and OpenRouter are a hedge against each otherThe maintenance headache at Glean that turned into OpenRouterWhat leaving frontier actually costs: a 3 to 5 year compute lock-in with 30% downKIMI K3 at roughly $15 per million output tokens against Opus at roughly $25Why frontier prices have stayed flat while everything else got cheaperThe biggest compute crunch of all time, and who is locked out of itWhat happens when you add a million engineers worth of tokens and the top line does not moveRapid fire on Suno, Wispr Flow, Mercor, Goodfire and Skild: headwind or tailwindPangram, AI slop, and why he will not read something an LLM wrote for youThe chip company he passed on that Nvidia bought for $20 billionWhy the Anthropic entry made no sense on the financials at the timeWhat he tells a 19 year old deciding whether to still study computer scienceChapters: 0:00 Cold Open1:09 Intro2:23 Building a 10 Year Thesis When the Ground Moves4:59 Why "I Could Vibe Code That" Misses the Point6:36 Most VCs Never Try the Product7:57 We Changed the Definition of ARR8:24 The One Product Metric He Underwrites On9:35 Anthropic and OpenRouter: Hedge or Coexist12:15 The Glean Story That Became OpenRouter15:58 Should Enterprises Just Run Open Weights19:20 What KIMI K3 Actually Costs19:47 Free Until They Can Charge for It22:18 Frontier Prices Have Not Fallen23:33 The Biggest Compute Crunch of All Time24:18 Engineers Plus Tokens, Minus the ROI27:21 Rapid Fire on the Portfolio33:36 Pangram and the AI Slop Problem39:01 The Groq Miss41:19 The Anthropic Bet That Made No Sense44:14 Should a 19 Year Old Still Study CS48:06 The Company He Wants Walking Through the Door Watch the full video on YouTube: https://www.youtube.com/watch?v=CuEgH6MLuxk

  2. Jun 26

    We Call All of It Venture Capital. That's No Longer True | EP 099 Emily Melton

    We call all of it venture capital. After 26 years investing through three full market cycles, Emily Melton says that is no longer true. Emily Melton is the co-founder and Managing Partner of Threshold Ventures, where she has invested through the dot-com crash, the financial crisis, and the 2021 bubble. She has raised five funds at roughly the same $350 million size while firms around her scaled into the tens of billions, and she sits on 10-plus boards across healthcare and enterprise software. She is a former NVCA Board Chair and a co-founder of All Raise. In this episode we discuss:- Why "venture capital" now describes two different businesses, not one- The 83% concentration: how venture dollars pile into a handful of names- Why she has never raised a bigger fund, and the case for $350M discipline- The founder traits she underwrites for, and the one she can't coach- What changes on a board when a mega-fund writes a check 10x yours- What it actually takes to deploy diagnostic AI inside a hospital- Why so many "AI" healthcare companies are really services businesses- The fund-timing mismatch nobody in venture wants to address- Whether venture in five years looks more like Threshold or Andreessen Chapters:0:00 Cold Open: Scarcity Drives Innovation0:54 Intro: 26 Years Through Every Venture Cycle1:54 83% of Venture Went to Three Companies6:37 How Price Changes the Way You Win at Seed8:59 The Founder Traits She Underwrites For13:11 Enabling vs Challenging Founders From the Board Seat17:11 Raising the Right Capital at the Right Time24:31 Why Healthcare Is Drawing Investors Again27:21 Healthcare AI Has Its Moment29:17 The Services-Model Problem for AI Founders33:34 A Trillion Dollars Trapped in Private Companies35:24 All VCs Are Not the Same: Different Products, Different Timelines40:22 Staying Disciplined While Others Raised Bigger44:38 What Threshold Looks Like in Five Years Watch the full video on YouTube: https://youtu.be/gscbB5KvK9c Subscribe to CLIMB for more conversations with the founders, operators, and investors building the future with AI.

  3. 06/05/2024

    Retain Top Talent with the Science of Motivation | EP 075 Lindsay McGregor

    Worried about retaining your best employees? Our guest on this episode is helping you do just that. Lindsay McGregor is the CEO and Co-Founder of Factor.ai and co-author of the bestselling book "Primed to Perform: How to Build the Highest Performing Cultures Through the Science of Total Motivation." Lindsay has one of the best track records of working with fast-growing startups like Slack, Grab, and Flexport byhelping them build a high-performance team culture. Previously, Lindsay led impactful projects at McKinsey, partnering with Fortune 500 companies, nonprofits, universities, and school systems. She earned her B.A. from Princeton and her MBA from Harvard Business School. In Episode 075 of CLIMB by VSC, Lindsay discusses why the 'fun' culture in entrepreneurship isn't working, the importance of measuring your team’s motivation, and why autonomy could be killing your startup. Follow us on LinkedIn: Lindsay McGregor— https://www.linkedin.com/in/lindsaymcgregor/ Jay Kapoor— https://www.linkedin.com/in/jaykapoor/ VSC Ventures— https://www.linkedin.com/company/vsc-ventures/ 00:00:00 Intro 00:00:47 Meet Lindsay McGregor 00:02:01 3 Frameworks Every Founder Needs to Know 00:03:36 Tactical and Adaptive Balance in Startups 00:08:53 The 6 Key Motivators for Your Startup 00:16:00 The 'Fun' Culture in Entrepreneurship isn't Working 00:23:43 Are You Measuring Your Team’s Motivation? 00:31:05 Strategy is Ignoring Great Ideas: Slack Founder 00:31:57 Autonomy is Killing Your Startup 00:36:02 No Velocity? Your Startups is Doomed to Fail 00:39:32 Factor.ai is Simplifying Management 00:42:38 Great founders Aren’t the Most Charismatic 00:48:28 You Needs this Pit Stop Strategy to build a Great Company 00:53:03 Where can people learn more about Factor.ai?

    Retain Top Talent with the Science of Motivation | EP 075 Lindsay McGregor

  4. 05/24/2024

    Water Technology is a $4 Trillion Opportunity | EP 074 Peter Yolles

    The value of water to water security is $4 trillion today and is likely to triple in the next 10 years. [Source: Global Water Intelligence] To put that $12 trillion into perspective, it is higher than the GDP of every other country other than the US and China. Meet Peter Yolles, General Partner at Echo River Capital, a seasoned entrepreneur and strategic investor in early-stage water technology companies. Peter founded WaterSmart Software (acquired by Vertex One), serving 200 water utility customers and reaching over 20 million people. With a joint MBA and MES from Yale and a BA from the University of Colorado, he authored the CREO Syndicate report on water impact investment. Peter continues to advise founders with his deep domain and operational expertise. In Episode 074 of CLIMB by VSC, Peter and host Jay Kapoor analyze the water value chain, the three Ds VCs need to know when investing in water technology, carbon capture, portfolio companies & more. Connect with us on LinkedIn: 1. Peter Yolles: https://www.linkedin.com/in/yolles/ 2. Jay Kapoor: https://www.linkedin.com/in/jaykapoor/ 00:00:00 Trailer 00:00:51 Introduction 00:03:23 How your daily water use impacts the global economy 00:08:57 The true cost of water mismanagement 00:10:29 You're paying 400x more for dangerous water 00:15:18 Methane: A hidden climate threat 00:18:32 Why are nature-based solutions slower in decarbonization 00:23:19 Experience vs Mindset: What makes a successful founder? 00:25:15 What signals a growth mindset in founders? 00:26:47 How do you evaluate a founder’s grit? 00:32:09 Can investors save tribal water rights? 00:35:17 Why curiosity beats fear in business 00:37:39 Recruitment mistakes are costing startups

    Water Technology is a $4 Trillion Opportunity | EP 074 Peter Yolles

  5. 05/15/2024

    How The Best Founders Find Product Market Fit | EP 073 Zach Coelius

    As many have attested, there's nothing romantic about being a founder. It's about doing what has to be done. And that’s what makes entrepreneurship difficult. In Episode 073 of CLIMB, Zach Coelius, Managing Partner at Coelius Capital, maintains that being a founder is 10x harder than being a VC. Talking about an investor’s MO, Zach equates being in the stands, drinking a beer, with the same as being a VC and deciding which companies will survive, and which will die. Zach is known for his investments in Angel List, HelloSign, Mercury, and more, but what is lesser known about him is that before investing, Zach sold an ad-tech business to Facebook (now Meta). As if this isn't impressive enough, he also raised $33M for Coelius Capital’s Fund II, that too in a record 3 weeks! In the latest episode of CLIMB by VSC, Zach and host Jay Kapoor discuss their views on:  • repeat founders versus first-time founders  • how Zach sold his company • the journey as an entrepreneur & more. Tune in to the full episode now. Connect with us on LinkedIn: Zach Coelius: https://www.linkedin.com/in/zachcoelius/ Jay Kapoor: https://www.linkedin.com/in/jaykapoor/ Chapters: 00:00 Trailer 00:47 Zach Coelius Introduction 02:07 What does it feel like being an investor? 06:00 The three stages of being a founder 09:30 What are the common mistakes most founders make? 11:11 How do early founders navigate challenges? 12:52 It’s hard for founders to find an authentic circle 13:40 How do you evaluate someone with the right mix of learning and conviction? 15:31 Which three networks stand out to Zach? 17:00 What is it about vertical software that excites you? 20:56 What gets you excited about AI? 23:10 What is the process of securing a hit deal? 24:20 You can’t change your pitch every time you change a business. 27:48 How to get comfortable with uncertain opportunities? 29:25 Are there commonalities across industries? 33:21 What are the most common mistakes boards you've worked with make? 41:05 It’s all about timing. 42:14 What’s the flipside of being a general partner? 45:45 What’s a piece of advice you give to founders that isn't taken well enough? 51:10 Episode Outro Watch the full video on YouTube: https://youtu.be/U4NFkF7jCmg

    How The Best Founders Find Product Market Fit | EP 073 Zach Coelius

  6. 05/01/2024

    How AI Unlocks Billion Dollar Category Creation | EP 072 Ann Bordetsky

    Ann Bordetsky, partner at New Enterprise Associates (NEA), joins us in this episode to discuss how AI is creating new business categories and transforming the tech industry. Ann shares her journey through the tech world, her role in supporting startups, and the keys to building successful businesses today. She highlights the importance of understanding market trends and customer needs to innovate and stay ahead. Listen to Ann's unique experiences and get valuable advice for entrepreneurs and investors keen on navigating the evolving landscape of tech with AI. This episode is ideal for anyone curious about technology, startups, and innovation in business. About VSC Ventures: VSC Ventures is an early-stage venture capital fund led by Jay Kapoor and Vijay Chattha where we invest in early-stage startups and support our founders with hands-on PR, storytelling, and go-to-market work with help from our award-winning PR agency, VSC. Our fund has invested alongside Lowercarbon, NEA, Uncork Capital, Left Lane, Alley Corp, Obvious Ventures, Third Sphere, and other leading early-stage funds. Through our weekly conversations on our show CLIMB by VSC, we're excited to share our work with innovative companies like Paintjet, Glacier, Concrete.AI, Presso, ⁠⁠Ample⁠⁠, ⁠⁠Actual⁠⁠, ⁠⁠Sesame Solar⁠⁠, ⁠⁠Synop⁠⁠, ⁠and Vibrant Planet⁠⁠ in addition to highlighting companies and leading voices across the early stage ecosystem. Chapters: 1. 0:00 - Introduction and Overview of Category Creation 2. 6:09 - The Role of First Movers in Market Evolution 3. 12:15 - Attributes of a Successful Category-Creating Founder 4. 18:25 - Depth and Vision in Pitching Ideas 5. 24:50 - Validating New Categories 6. 30:55 - The Impact of AI on Small and Medium Businesses 7. 37:05 - Lessons from Mobile Era and Patience in Investing 8. 43:43 - Democratizing Creative Tooling with AI 9. 49:46 - Supporting Female Founders 10. 56:13 - Final Thoughts and Advice for Founders Pitching to Investors

    How AI Unlocks Billion Dollar Category Creation | EP 072 Ann Bordetsky

  7. 04/24/2024

    Are Venture Capitalists Helping or Hurting Your Startup? | EP 071 Jason Shuman

    Join us in this episode as we talk with Jason Shuman, a General Partner at Primary Ventures. Jason shares his journey from selling shoes to becoming a big name in venture capital and we dive deep into how venture capitalists like him support and grow startups. Jason talks about his early days of starting his own business, his experiences, and how he moved into the world of investing. He explains what startups need to do to succeed and how investors can really help them grow. You’ll hear stories from Jason’s own life, like how driving for Uber helped him make important business connections. He also gives us a peek into his strategies for picking and supporting new companies. This episode is a must-listen for aspiring entrepreneurs, seasoned investors, and anyone interested in the transformative power of venture capital. About VSC Ventures: VSC Ventures is an early-stage venture capital fund led by Jay Kapoor and Vijay Chattha where we invest in early-stage startups and support our founders with hands-on PR, storytelling, and go-to-market work with help from our award-winning PR agency, VSC. Our fund has invested alongside Lowercarbon, NEA, Uncork Capital, Left Lane, Alley Corp, Obvious Ventures, Third Sphere, and other leading early-stage funds. Through our weekly conversations on our show CLIMB by VSC, we're excited to share our work with innovative companies like Paintjet, Glacier, Concrete.AI, Presso, ⁠⁠Ample⁠⁠, ⁠⁠Actual⁠⁠, ⁠⁠Sesame Solar⁠⁠, ⁠⁠Synop⁠⁠, ⁠and Vibrant Planet⁠⁠ in addition to highlighting companies and leading voices across the early stage ecosystem. Chapters - 0:00 - Intro: Value and Impact of Venture Capital 5:05 - The Growth and Influence of New York's Tech Ecosystem 10:17 - Leveraging the "X for Y" Investment Framework 15:10 - The Strategic Use of AI for Enhancing Small Businesses 20:04 - Understanding the Dynamics of SMB Customer Acquisition 25:00 - The Role and Impact of Expert Networks in Venture Capital 30:44 - Discussing the Distinct Approach of Primary’s Investment Team 35:42 - Insights into the Scale and Incentives in Venture Capital 40:16 - The Significance of Being Present and Engaged in Investments 45:21 - Practical Advice for Founders on Learning and Networking 50:02 - Closing Remarks and Reflections on Venture Capital Practices

    Are Venture Capitalists Helping or Hurting Your Startup? | EP 071 Jason Shuman

  8. 04/17/2024

    Navigating Innovation in Transportation and Electrification | EP 070 Sunil Paul

    In this episode, we welcome Sunil Paul, a pioneer in ride-sharing and a significant figure in sustainable transportation. Paul, who started Sidecar and influenced the early stages of Getaround, dives into his newest venture, Spring Free EV. With his extensive experience, including his early work as a NASA contractor and AOL's first internet product manager, Paul brings a rich history of innovation and policy analysis. Join us as Sunil Paul shares his journey from a technology policy analyst in Washington D.C. to becoming a cornerstone in the evolution of ride-sharing and electric vehicles. The discussion unpacks the origins and future of Spring Free EV, emphasizing its role in transitioning fleet vehicles from gas to electric through innovative financing models. Paul elaborates on the challenges and potential of electric vehicles in solving the climate crisis, reflecting on how electrification can aid in managing renewable energy sources like solar and wind due to battery storage capabilities. About VSC Ventures: VSC Ventures is an early-stage venture capital fund led by Jay Kapoor and Vijay Chattha where we invest in early-stage startups and support our founders with hands-on PR, storytelling, and go-to-market work with help from our award-winning PR agency VSC. Our fund has invested alongside Lowercarbon, NEA, Uncork Capital, Left Lane, Alley Corp, Obvious Ventures, Third Sphere, and other leading early-stage funds. Through our weekly conversations on our show CLIMB by VSC, we're excited to share our work with innovative companies like Paintjet, Glacier, Concrete.AI, Presso, ⁠⁠Ample⁠⁠, ⁠⁠Actual⁠⁠, ⁠⁠Sesame Solar⁠⁠, ⁠⁠Synop⁠⁠, ⁠and Vibrant Planet⁠⁠ in addition to highlighting companies and leading voices across the early stage ecosystem.

    Navigating Innovation in Transportation and Electrification | EP 070 Sunil Paul
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5
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About

CLIMB is about how AI is changing what we build and what we back. Each week, host Jay Kapoor sits down with the operators and investors working at the very edge of technology today, for honest conversations on where the next great companies come from. A show from VSC Ventures.

Information

  • Creator
    Jay Kapoor
  • Years Active
    2022 - 2026
  • Episodes
    77
  • Rating
    Explicit
  • Copyright
    © Jay Kapoor
  • Show Website
    CLIMB by VSC