20VC: Is Seed Investing Dead Without a $1BN Fund? | Does Ownership and Price Matter When Companies Can Be $1TRN Exits | Are AI Revenue Numbers Real and What to Watch Out For with Venky Ganesan, Menlo Ventures

Venture capital currently demands a shift from traditional ownership-focused strategies toward IRR-driven position sizing, particularly as AI-driven market cycles accelerate. Navigating this environment requires playing the game rather than attempting to time it, while maintaining the humility to avoid ego-driven investment errors. Founders and investors must prioritize long-term terminal value over short-term valuation markups, as the current prevalence of high-priced, rapid-growth rounds risks creating unsustainable market bubbles. While early-stage ownership remains valuable for information gathering, the ability to scale up on proven winners is essential for success. Investors should view portfolio companies as options, taking chips off the table when appropriate to mitigate risk. Ultimately, the most successful founders and investors are those who demonstrate exceptional capital allocation skills, treating the business as a long-term endeavor rather than a series of quick, speculative wins.