Harry Stebbings

2025 was a crazy year. 2026 will be even less predictable. So at 20VC we thought it was time for @jasonlk, @rodriscoll to do a very special “20VC Big Fat Quiz of the Year”. For 2025: - Best Founder of the Year - Best Product of the Year - Best Fund of the Year - Best Breakout Company of the Year For 2026: - Google, Meta, Apple, Amazon, Microsoft, NVIDIA: Buy vs Sell? - Who will go public in 2026? - Biggest stock pick for 2026? - Will unemployment from AI show up in labour figures? Full List below Spotify https://open.spotify.com/show/3j2KMcZTtgTNBKwtZBMHvl… Youtube https://youtu.be/39uduGOufNA Apple Podcasts https://podcasts.apple.com/us/podcast/20vcs-big-fat-quiz-of-the-year-founder-fund/id958230465?i=1000742283406… Timestamps: 00:00 Intro 01:23 Founder of the Year 2025 08:33 Fund of the Year 21:27 Breakout Companies of 2025: Who Made the Biggest Impact? 28:35 Biggest Surprises of 2025 35:36 Predictions for 2026: Top Performing Tech Stocks of the Year 39:21 B2B Stocks to Watch 41:50 Why Salesforce Could Be the Buy of 2026 54:50 Google, Meta, Apple, NVIDIA, Microsoft: Buy One, Short One 01:01:40 IPO Speculations: Who Will Go Public in 2026 01:07:48 The Impact of AI on Employment

Is AI Coding Like Food Delivery: VC Subsidised and Unsustainable: " I remember the early days of food delivery, it was VC subsidized. We're seeing that right now with AI coding. This can't go on forever... there will be some very valuable businesses that are not perpetually VC subsidized but navigating this crazy VC subsidy world to get to good outcome takes a lot of skill." @AndrewYNg Do you agree this resembles the early days of food delivery and how do you determine who thrives and who dies @_fredrik @JTLonsdale @Mascobot @LM_Braswell

Founders, for the love of God; send investor updates. 1. Leverage them for help with customer intros, hires and fundraises. 2. Use them to create excitement and conversation about you in market. 3. Because these people have trusted you and given you their money. Not doing them is a disservice to your company.

SaaS is Over: " SaaS apps were built at a time when software was relatively hard to build. Now many of these AI applications are easy to build on top of these LLMs. Most companies will start building custom software super easily." @jonsidd Love to hear your thoughts on this @destraynor @dharmesh @craigzLiszt @jasonlk @FabianHedin @spenserskates

We do not measure the health of our portfolio with company uprounds. They do little to show true enterprise value. We count: Seed fund: how many companies have hit $10M ARR? Series A Fund: how many have hit $25M ARR? Much clearer sign of value.

Vibe Coding Will Kill SaaS: "  In a year or two; you'll get to a place where a lot of the current organizational tools that companies are using, you could build your own version. It would make so much more sense to you as a buyer. The code will be yours, the data will be us. You'll be able to adapt it, to your needs. There's no one size fits all. There's no like feature bloat." Do you think vibe coding will kill a lot of the SaaS market in this way @dharmesh @nicolasosharp @zackkanter @carlrivera?

Why a16z, Lightspeed and General Catalyst Cannot Go To LPs and Be Confident of a 5X Net: " @ravi_lsvp , @pmarca @bhorowitz cannot go to LPs and say with a straight face that they can do 5x net. If you look at the recent returns data, it suggests that. They will make an immense amount of money on an absolute basis but LPs are in the business to make high money on money returns." @EverettRandle Love to hear your thoughts on this Ravi, Ben, Marc @htaneja would you not argue that different LPs have different return requirements and expectations?